Recent Figures Show New Home Sales Gain in Bismarck, Prices Decrease
Posted on: Dec 06, 2013 07:05:23 AM
There was a rise in new home closings in the Bismarck, ND market in September year-over-year, but with an increase less steep than that of August 2013, the market seemed to be showing signs of evening out. New home closings saw a 45.0% hike from a year earlier to 29. This came on the heels of a twofold hike year-over-year in August.
A total of 305 new homes were sold during the 12 months that ended in September, up from 296 for the year that ended in August.
Out of all housing closings, new home closings accounted for 13.9%. This marks a rise from 10.5% of total closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also grew year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes sank by 4.5% year-over-year to $235,654 per unit in September. This drop is larger than the 3.2% decline in August from a year earlier.
For newly sold homes, the average mortgage size saw a lift year-over-year in contrast to new home prices. In September 2013, there was a 4.1% rise in the average mortgage size, reaching $201,526. In August 2013, average mortgage size fell 4.5% from a year earlier.