Latest Numbers Show New Home Sales Drop in Milwaukee
Posted on: Jul 06, 2014 07:23:58 AM
In the Milwaukee, WI market in March, closings of new homes declined year-over-year, but with a percentage drop less steep than February 2014, there are signals the market may be leveling out. New home closings saw a 11.6% decline from a year earlier to 38. This came after a 24.3% decline year-over-year in February.
A total of 482 new homes were sold during the 12 months that ended in March, down from 487 for the year that ended in February.
Compared to a year earlier, new home closings as a percentage of total closings stayed the same at 2.2%. Closings of new and existing homes slid year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price moved from $272,628 in March 2013 to $270,721 in March 2014. This followed a 3.6% rise in February year-over-year.
The average mortgage size on newly sold homes gained year-over-year in contrast to the average price of new homes. In March 2014, the average mortgage size was $262,567, up 3.0% from a year earlier. In February 2014, average mortgage size on newly sold homes saw a 2.2% fall from a year earlier.