Latest Numbers Show Prices of New Homes Climb in Milwaukee, Sales Decrease
Posted on: Mar 06, 2014 07:27:39 AM
In November, the Milwaukee, WI market saw a fall year-over-year in new home closings, and the market seemed to be worsening in light of the percentage drop steeper than October 2013. New home closings saw a 45.5% fall from a year earlier to 18. This followed a 38.1% fall year-over-year in October.
A total of 496 new homes were sold during the 12 months that ended in November, down from 511 for the year that ended in October.
Of the total number of closings, new home closings made up 1.3%. A year earlier, new home closings accounted for 1.8% of total closings. After rising year-over-year in October, closings of new and existing homes fell year-over-year in November.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 10.3% boost year-over-year in November to $297,472 per unit. This gain is an improvement over the 9.7% boost in October year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It jumped to $248,991 in November, a 16.1% gain. Average mortgage size jumped 15.3% in October 2013 from a year earlier.