New Home Sales and Prices Both Rise in Detroit According to Freshest Data
Posted on: Dec 06, 2013 07:13:03 AM
Closings of new homes jumped year-over-year in September in the Detroit, MI market, and with a stronger surge than August 2013, there are signs the market may be bolstering. Closings increased 35.8% from a year earlier to 205. This was after the housing market saw a 23.7% rise year-over-year in August.
A total of 2,427 new homes were sold during the 12 months that ended in September, up from 2,373 for the year that ended in August.
New home closings represented 2.8% of overall housing closings. A year earlier, new home closings made up 2.0% of total closings. Following a year-over-year decline in August, closings of new and existing homes also declined year-over-year in September.
Pricing and Mortgage Trends
In September, the average price of newly sold homes jumped 18.0% year-over-year to $291,246 per unit. This surge is better than the 15.1% boost in August year-over-year.
There was a surge year-over-year in the average mortgage size on new homes along with new home prices. In September 2013, the average mortgage size was $261,102, up 16.9% from a year earlier. In August 2013, average mortgage size on newly sold homes saw a 13.3% gain year-over-year from a year earlier.