New Home Sales and Prices Both Climb in Billings According to Latest Data
Posted on: Nov 12, 2013 07:04:45 AM
In the Billings, MT market, new home closings rose year-over-year in August, but signs of market leveling were showing as the percentage rise was less than July 2013. New home closings saw a 3.3% hike from a year earlier to 31. This came on the heels of a 16.7% hike year-over-year in July.
A total of 314 new homes were sold during the 12 months that ended in August, up from 313 for the year that ended in July.
As a percentage of overall housing closings, new home closings accounted for 11.2%. This marks a rise from 9.0% of total closings a year earlier. Following a year-over-year decline in July, closings of new and existing homes also fell year-over-year in August.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes climbed year-over-year to $256,691 in August, up 6.9% from last year. This bump is smaller than the 27.3% rise in July year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It increased to $214,397 in August, a 3.2% gain. In July 2013, average mortgage size on newly sold homes saw a 21.9% gain year-over-year from a year earlier.