Newest Figures Show New Home Sales and Prices Rise in Madison
Posted on: Apr 06, 2014 07:25:31 AM
The Madison, WI market saw a rise in new home closings in December year-over-year, but with an increase less steep than that of November 2013, the market seemed to be showing signs of stabilizing. New home closings saw a climb of 33.3% from the year earlier to 56. This was after the housing market saw a 57.1% boost year-over-year in November.
A total of 764 new homes were sold during the 12 months that ended in December, up from 750 for the year that ended in November.
As a percentage of overall housing closings, new home closings accounted for 8.7%. This is better than the 5.8% of closings a year earlier. Closings of new and existing homes slid year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 25.4% boost year-over-year in December to $293,042 per unit. This bump is higher than the 2.0% surge in November year-over-year.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. The average mortgage size rose to $238,791 in December, marking a 17.5% gain compared with a year earlier. In November 2013, average mortgage size on newly sold homes saw a 5.7% drop from a year earlier.