New Home Sales and Prices Decline in Milwaukee According to Latest Data
Posted on: Aug 08, 2014 11:36:31 AM
In the Milwaukee, WI market, new home closings sank year-over-year in April, and there were signals of weakening market conditions with a percentage drop steeper than that of March 2014. New home closings saw a 44.0% fall from a year earlier to 28. This was after the housing market saw a 25.6% fall year-over-year in March.
A total of 400 new homes were sold during the 12 months that ended in April, down from 422 for the year that ended in March.
Out of all housing closings, new home closings made up 1.5%. A year ago, 2.2% of total closings were new home closings. Following a year-over-year decline in March, closings of new and existing homes also dropped year-over-year in April.
Pricing and Mortgage Trends
For newly sold homes, the average price dropped 2.0% year-over-year in April to $240,525 per unit. This fall compares to a 3.8% bump in March year-over-year.
The average mortgage size on new homes moved north year-over-year in contrast to new home prices. It grew 43.6% in April from a year earlier to $263,918. Average mortgage size increased 24.1% in March 2014 from a year earlier.