Recent Figures Show New Home Sales and Prices Drop in Billings
Posted on: Mar 06, 2014 07:04:15 AM
Closings of new homes in the Billings, MT market sank year-over-year in December, drawing a downward slope off of a rise in November 2013. New home closings saw a drop of 3.7% from the year earlier to 26. This came after a 28.6% climb year-over-year in November.
A total of 331 new homes were sold during the 12 months that ended in December, down from 332 for the year that ended in November.
Out of all housing closings, new home closings accounted for 11.1%. They made up 11.7% of closings a year earlier. Closings of new and existing homes rose year-over-year in December following a decline in November year-over-year.
Pricing and Mortgage Trends
In December, the average price of newly sold homes sank 11.2% year-over-year to $274,527 per unit. This decline compares to a 11.0% hike in November year-over-year.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. In December 2013, average mortgage size declined 10.9% from a year earlier to $233,289. Average mortgage size climbed 14.2% in November 2013 from a year earlier.