Newest Figures Show New Home Prices Climb, Sales Decline in Chicago
Posted on: Apr 06, 2014 07:07:56 AM
Closings of new homes in the Chicago, IL market sank year-over-year in December, and the percentage decline was more severe than November 2013, indicating the market may be worsening. New home closings saw a decline of 16.1% from the year earlier to 426. This followed a 8.0% decline year-over-year in November.
A total of 5,013 new homes were sold during the 12 months that ended in December, down from 5,095 for the year that ended in November.
Out of all housing closings, new home closings made up 3.9%. A year earlier, new home closings represented 4.1% of total closings. For new and existing homes, closings slid in December after also declining in November year-over-year.
Pricing and Mortgage Trends
In December, the average price of newly sold homes jumped 21.2% year-over-year to $407,481 per unit. This boost is higher than the 6.1% rise in November year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In December 2013, average mortgage size increased 6.9% from a year earlier to $284,050. In November 2013, average mortgage size on newly sold homes saw a 2.6% hike year-over-year from a year earlier.