Latest Numbers For Chicago Show New Home Closings and Prices Increase
Posted on: May 06, 2013 07:06:49 AM
In the Chicago, IL market, new home closings grew year-over-year in January, and there were hints of strengthening market conditions as the percentage lift was sharper than December 2012. New home closings saw a boost of 30.5% from the year earlier to 295. This came after a 7.8% rise year-over-year in December.
A total of 4,912 new homes were sold during the 12 months that ended in January, up from 4,843 for the year that ended in December.
New home closings accounted for 3.2% of overall housing closings. As a part of the whole, new home closings were 2.4% a year earlier. Following a year-over-year rise in December, closings of new and existing homes slipped year-over-year in January.
Pricing and Mortgage Trends
In January, the average price of newly sold homes climbed year-over-year to $399,040 per unit, a 18.8% surge. This gain is higher than the 6.3% rise in December year-over-year.
Average mortgage size on new homes jumped year-over-year along with new home prices. In January 2013, the average mortgage size on newly sold homes saw a 19.9% rise from a year earlier. In December 2012, average mortgage size increased 6.6% from a year earlier. For newly sold homes, the percentage of sale price being financed moved from 74.7% of average price to 75.4% from a year earlier. It moved from 79.5% in December 2011 to 79.7% in December 2012.