Recent Numbers For Chicago Show New Home Closings and Prices Increase
Posted on: Apr 06, 2013 07:06:39 AM
In the Chicago, IL market, new home closings rose year-over-year in December, snapping back from a decline in November 2012. Closings increased 4.6% from a year earlier to 482, compared with a 5.7% decline in November from the year earlier.
A total of 4,779 new homes were sold during the 12 months that ended in December, up from 4,758 for the year that ended in November.
New home closings represented 4.6% of overall housing closings. As a part of the whole, new home closings were 4.4% a year earlier. Following a year-over-year increase in November, closings of new and existing homes also increased year-over-year in December.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year in December to $337,542 per unit, a rise of 7.4%. This rise is an improvement over the 7.4% rise in November year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. The average mortgage size saw an 8.1% rise year-over-year to $269,890 in December. Average mortgage size increased 8.9% in November 2012 from a year earlier. For newly sold homes, the percentage of sale price being financed moved from 79.4% of average price to 80.0% from a year earlier. In November 2012, the figure saw a 1.0 percentage point rise from the year earlier.