Prices of New Homes Rise in Billings, Sales Fall According to Newest Data
Posted on: Jul 06, 2014 07:03:35 AM
In the Billings, MT market, closings of new homes fell year-over-year in April, a drop following an increase in March 2014. New home closings saw a decline of 16.7% from the year earlier to 25. This came after a 9.5% jump year-over-year in March.
A total of 320 new homes were sold during the 12 months that ended in April, down from 325 for the year that ended in March.
New home closings made up 9.7% of overall housing closings. A year ago, new home closings represented 10.6%. Closings of new and existing homes fell year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
In April, the average value of new homes saw a 16.8% lift year-over-year as it grew to $303,593 per unit. This hike is smaller than the 19.6% bump in March year-over-year.
There was a gain year-over-year in the average mortgage size on new homes along with new home prices. In April 2014, average mortgage size climbed 10.9% from a year earlier to $252,179. In March 2014, average mortgage size jumped 16.9% from a year earlier.