Newest Numbers Show Prices of New Homes Rise in Milwaukee, Sales Decline
Posted on: Apr 06, 2014 07:27:16 AM
In December, there was a fall year-over-year in new home closings in the Milwaukee, WI market, but there were hints the market may be leveling out from a percentage decline less than November 2013. New home closings saw a drop of 34.1% from the year earlier to 29. This followed a 45.5% decline year-over-year in November.
A total of 481 new homes were sold during the 12 months that ended in December, down from 496 for the year that ended in November.
New home closings made up 2.1% of overall housing closings. A year ago, 2.6% of total closings were new home closings. Following a year-over-year decline in November, closings of new and existing homes also dropped year-over-year in December.
Pricing and Mortgage Trends
In December, the average value of new homes saw a 13.0% bump year-over-year as it grew to $330,881 per unit. This hike is better than the 10.3% boost in November year-over-year.
Average mortgage size on new homes jumped year-over-year along with new home prices. In December 2013, the average mortgage size was $300,794, up 25.0% from a year earlier. In November 2013, average mortgage size jumped 16.1% from a year earlier.