New Home Sales and Prices Both Gain in Champaign According to Latest Data
Posted on: May 06, 2013 07:06:00 AM
The Champaign, IL market saw a rise in new home closings in February year-over-year, rebounding from a year-over-year decline in January 2013. New home closings moved from seven a year earlier to 11 after the figure moved from six in January 2012 to five in January 2013.
A total of 140 new homes were sold during the 12 months that ended in February, up from 136 for the year that ended in January.
New home closings were 11 of the 161 total closings, up on a percentage basis from seven of 160 a year earlier. Following a drop in January year-over-year, closings of new and existing homes rose year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes was $240,182, an increase from $225,071 a year earlier. This followed a 35.5% surge in January year-over-year.
The average mortgage size went down to $167,971 from $178,178 a year earlier. Average mortgage size on new homes went from $135,137 in January 2012 to $162,475 in January 2013. Of the overall sale price, the percentage that was being financed slipped 9.2 percentage points year-over-year to 69.9% in February 2013.