New Home Prices Rise in Madison According to Newest Figures, Sales Decrease
Posted on: Dec 06, 2013 07:28:42 AM
The Madison, WI market saw a drop in new home closings year-over-year in August, drawing a downward slope off of a rise in July 2013. Closings fell 3.4% from a year earlier to 84. This followed a 28.4% jump year-over-year in July.
A total of 693 new homes were sold during the 12 months that ended in August, down from 696 for the year that ended in July.
Of the total number of closings, new home closings made up 7.2%. They made up 6.6% of closings a year earlier. Following a year-over-year increase in July, closings of new and existing homes fell year-over-year in August.
Pricing and Mortgage Trends
In August, the average price of newly sold homes climbed 2.5% year-over-year to $272,548 per unit. This boost compares to a 2.9% fall in July from a year earlier.
For newly sold homes, the average mortgage size slid year-over-year in contrast to average price of new homes. In August 2013, the average mortgage size on newly sold homes saw a 10.2% fall from a year earlier. Average mortgage size gained 4.8% in July 2013 from a year earlier.