Freshest Numbers Indicate New Home Closings and Prices Fall in Madison
Posted on: May 06, 2013 07:22:38 AM
In the Madison, WI market in January, new home closings slid year-over-year, and the percentage fall was steeper than December 2012. Closings slid 15.4% from a year earlier to 22, compared with a 14.6% drop in December from the year earlier.
A total of 561 new homes were sold during the 12 months that ended in January, down from 565 for the year that ended in December.
New home closings accounted for 4.8% of overall housing closings. They made up 3.9% of closings a year earlier. After rising year-over-year in December, closings of new and existing homes sank year-over-year in January.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 24.1% decline year-over-year in January to $184,860 per unit. This fall is larger than the 4.3% decline in December from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. The average mortgage size dropped to $180,102 in January, marking an 18.8% decline compared with last year. In December 2012, average mortgage size on newly sold homes saw a 8.0% decline from a year earlier. The overall percentage of sale price that was being financed rose 6.3 percentage points year-over-year to 97.4% in January 2013. This came after a 3.5 percentage point decline in December from a year earlier.