New Home Sales and Prices Both Climb in Billings According to Freshest Data
Posted on: May 06, 2013 07:03:51 AM
There was an increase in new home closings in the Billings, MT market in February year-over-year, but the increase was less than January 2013. New home closings moved from 16 a year earlier to 18 after the figure moved from 12 in January 2012 to 21 in January 2013.
A total of 305 new homes were sold during the 12 months that ended in February, up from 303 for the year that ended in January.
Out of all housing closings, new home closings made up 8.5%. As a part of the whole, new home closings were 8.3% a year earlier. For new and existing homes, closings rose year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
In February, there was a 4.3% rise year-over-year in the average price of newly sold homes, reaching $289,042 per unit. This rise is smaller than the 38.0% bump in January year-over-year.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. In February 2013, the average mortgage size was $246,970, a 7.5% rise from a year earlier. Average mortgage size on new homes went from $189,423 in January 2012 to $261,444 in January 2013. The overall percentage of sale price that was being financed increased 2.5 percentage points year-over-year to 85.4% in February 2013. This comes after the figure remained relatively unchanged at 82.7% in January 2013.