New Home Closings and Prices in Detroit Climb According to Latest Figures
Posted on: Mar 06, 2014 07:11:30 AM
In the Detroit, MI market, new home closings climbed year-over-year in December, and there were signs that the market may be gaining momentum as the percentage hike proved better than November 2013. Closings climbed 29.5% from a year earlier to 237. This came on the heels of a 9.7% climb year-over-year in November.
A total of 2,539 new homes were sold during the 12 months that ended in December, up from 2,485 for the year that ended in November.
New home closings made up 3.3% of overall housing closings. A year ago, 2.3% of total closings were new home closings. Closings of new and existing homes declined year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 26.6% hike year-over-year to $309,966 per unit in December. This boost is an improvement over the 16.3% rise in November year-over-year.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. It rose to $265,511 in December, a 15.8% bump. In November 2013, average mortgage size on newly sold homes saw a 11.0% gain year-over-year from a year earlier.