New Home Sales and Prices Both Climb in Monroe According to Newest Data
Posted on: May 06, 2013 07:24:42 AM
In the Monroe, MI market, closings of new homes grew year-over-year in February, but the increase was less than January 2013. New home closings moved from two a year earlier to five after the figure moved from one in January 2012 to six in January 2013.
A total of 42 new homes were sold during the 12 months that ended in February, up from 39 for the year that ended in January.
New home closings were five of the 265 total closings, up on a percentage basis from two of 257 a year earlier. Following a year-over-year increase in January, closings of new and existing homes also increased year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $191,149, up from $98,788 a year earlier. This followed a 8.3% rise in January year-over-year.
The average mortgage size on new homes was $173,952, up from $84,177. Average mortgage size on new homes went from $135,200 in January 2012 to $148,682 in January 2013. The overall percentage of sale price that was being financed rose 5.8 percentage points year-over-year to 91.0% in February 2013.