Recent Figures Show New Home Prices Rise, Sales Drop in Billings
Posted on: Apr 06, 2014 07:04:29 AM
The Billings, MT market saw a drop in new home closings year-over-year in January, and the percentage fall that was steeper than December 2013 gave implications of worsening market conditions. There was a 30.4% drop in new home closings from a year earlier. This was after the housing market saw a 3.7% drop year-over-year in December.
A total of 325 new homes were sold during the 12 months that ended in January, down from 332 for the year that ended in December.
Out of all housing closings, new home closings accounted for 9.4%. A year ago, new home closings accounted for 10.1%. Following a year-over-year rise in December, closings of new and existing homes fell year-over-year in January.
Pricing and Mortgage Trends
In January, there was a 7.1% lift year-over-year in the average price of newly sold homes, reaching $330,700 per unit. This bump compares to a 11.2% fall in December from a year earlier.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In January 2014, the average mortgage size was $287,185, up 12.6% from a year earlier. Average mortgage size slid 10.9% in December 2013 from a year earlier.