New Home Prices Increase in Missoula According to Newest Figures, Sales Decrease
Posted on: May 06, 2013 07:24:17 AM
In the Missoula, MT market in February, closings of new homes dropped year-over-year, but the decline was less than the year-over-year decline in January. New home closings moved from four a year earlier to three after the figure moved from eight in January 2012 to one in January 2013.
A total of 60 new homes were sold during the 12 months that ended in February, down from 61 for the year that ended in January.
Last year, four of 97 total closings were new homes, and this percentage saw a decline as new home closings this year made up three of the 102 total closings. After dropping in January from a year earlier, closings of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $236,875 in February 2013, moving north from $204,002 a year earlier. This was on the heels of a 5.1% decline in January from a year earlier.
The average mortgage size on new homes was $189,500, up from $173,102. Average mortgage size on new homes went from $142,213 in January 2012 to $125,600 in January 2013. The overall percentage of sale price that was being financed fell 4.9 percentage points year-over-year to 80.0% in February 2013.