Latest Numbers Indicate New Home Closings and Prices Drop in Appleton
Posted on: May 06, 2013 07:01:49 AM
In the Appleton, WI market, new home closings declined year-over-year in February, falling after a rise in January 2013. New home closings moved from 20 a year earlier to 18 after the figure moved from nine in January 2012 to 17 in January 2013.
A total of 217 new homes were sold during the 12 months that ended in February, down from 219 for the year that ended in January.
Compared to a year earlier, new home closings reflected 8.6% of overall housing closings, down from 10.6% last year. After dropping in January from a year earlier, closings of new and existing homes jumped year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes slipped by 5.6% year-over-year to $205,122 per unit in February. This decline is a drop off from the 12.4% drop in January from a year earlier.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. In February 2013, average mortgage size on new homes sold was $181,200, down 5.3% from a year earlier. Average mortgage size on new homes went from $209,569 in January 2012 to $172,072 in January 2013. On aveage, the percentage of new home sale price that was being financed went from 88.0% of average price to 88.3% from a year earlier. In January 2013, there was a 6.3 percentage point decline from the year earlier.