Newest Numbers Show Prices of New Homes Gain in Madison, Sales Decline
Posted on: Aug 08, 2014 11:34:37 AM
In April, the Madison, WI market saw a fall year-over-year in new home closings, and the market seemed to be worsening in light of the percentage fall steeper than March 2014. There was a 43.1% decline in new home closings from a year earlier. This was after the housing market saw a 20.4% decline year-over-year in March.
A total of 655 new homes were sold during the 12 months that ended in April, down from 680 for the year that ended in March.
Out of all housing closings, new home closings accounted for 4.1%. This is down from the a year earlier when new home closings represented 5.8% of total closings. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes jumped year-over-year to $271,617 in April, up 5.9% from last year. This boost is smaller than the 32.2% gain in March year-over-year.
For newly sold homes, the average mortgage size saw a drop year-over-year in contrast to new home prices. It slid 8.9% in April from a year earlier, reaching $232,822. In March 2014, average mortgage size grew 19.8% from a year earlier.