Freshest Numbers Show New Home Prices Climb in Springfield, Sales Steady
Posted on: May 06, 2013 07:35:02 AM
Closings of new homes in the Springfield, IL market remained steady year-over-year in February, staying flat after dropping year-over-year in January from the year earlier. Closings remained level at five from a year earlier after the figure moved from seven in January 2012 to five in January 2013.
A total of 77 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home closings were five out of the 181 total closings, a move on a percentage basis from five of 208 a year earlier. For new and existing homes, closings dropped in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes sold in February 2013 rose to $249,000 from the year-earlier figure of $213,300. This came after a 67.7% fall in January from a year earlier.
From the year-ago figure of $188,601, the average mortgage size on new homes moved up to $225,746. Average mortgage size on new homes went from $243,647 in January 2012 to $123,231 in January 2013. Of the overall sale price, the percentage that was being financed rose 2.2 percentage points year-over-year to 90.7% in February 2013. This was another surge after January 2013 when there was a 27.1 percentage point gain from a year earlier.