New Home Closings and Prices in Bismarck Increase According to Freshest Figures
Posted on: Aug 08, 2014 11:10:10 AM
Closings of new homes in the Bismarck, ND market climbed year-over-year in May, and the percentage bump was higher than April 2014, implying the market may be improving. New home closings saw a 58.8% rise from a year earlier to 27. This came after a 35.3% boost year-over-year in April.
A total of 185 new homes were sold during the 12 months that ended in May, up from 175 for the year that ended in April.
New home closings made up 11.2% of overall housing closings. This is a surge from 8.2% of closings a year earlier. Following a year-over-year increase in April, closings of new and existing homes also increased year-over-year in May.
Pricing and Mortgage Trends
In May, the average price of newly sold homes climbed 66.1% year-over-year to $382,068 per unit. This hike is an improvement over the 6.5% boost in April year-over-year.
The average mortgage size on newly sold homes saw a surge year-over-year along with new home prices. In May 2014, there was a 70.2% bump in the average mortgage size, reaching $308,687. Average mortgage size climbed 1.5% in April 2014 from a year earlier.