Prices of New Homes Rise in Madison, Sales Decrease According to Recent Data
Posted on: Jul 06, 2014 07:22:30 AM
In March, there was a decline year-over-year in new home closings in the Madison, WI market, and there were suggestions of weakening market conditions with a percentage fall steeper than that of February 2014. New home closings saw a drop of 16.1% from the year earlier to 47. This was after the housing market saw a 6.7% drop year-over-year in February.
A total of 763 new homes were sold during the 12 months that ended in March, down from 772 for the year that ended in February.
As a percentage of total closings, new home closings represented 6.8%, unchanged from a year ago. Following a year-over-year decline in February, closings of new and existing homes also declined year-over-year in March.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes increased year-over-year to $311,147 in March, up 31.9% from last year. This bump is smaller than the 40.1% surge in February year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size rose to $255,240 in March, marking a 18.8% lift compared with a year earlier. Average mortgage size rose 39.9% in February 2014 from a year earlier.