New Home Prices Increase in Detroit According to Latest Figures, Sales Decrease
Posted on: May 06, 2013 07:09:47 AM
Closings of new homes in the Detroit, MI market dipped year-over-year in February, moving downward after a gain in January 2013. New home closings saw a 5.3% decline from a year earlier to 71. This followed a 13.1% climb year-over-year in January.
A total of 1,446 new homes were sold during the 12 months that ended in February, down from 1,450 for the year that ended in January.
Of the total number of closings, new home closings made up 2.0%. They represented 1.2% of closings a year earlier. Closings of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price climbed 13.3% year-over-year in February to $260,822 per unit. This hike is smaller than the 14.4% lift in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In February 2013, there was a 2.9% rise in the average mortgage size, reaching $210,074. Average mortgage size jumped 22.2% in January 2013 from a year earlier. Of the overall sale price, the percentage that was being financed fell 8.1 percentage points year-over-year to 80.5% in February 2013. This was a swing downward after a 5.8 percentage point rise in January from a year earlier.