New Home Sales Increase in Bismarck According to Newest Data
Posted on: Mar 06, 2014 07:04:35 AM
In December, there was an increase in closings of new homes in the Bismarck, ND market year-over-year, but there were signs the market may be leveling out with a percentage bump shallower than November 2013. New home closings saw a jump of 47.8% from the year earlier to 34. This came after a 51.7% climb year-over-year in November.
A total of 335 new homes were sold during the 12 months that ended in December, up from 324 for the year that ended in November.
Out of all housing closings, new home closings represented 17.5%. This is an increase on a percentage basis, as new home closings were 11.0% of total closings a year ago. For new and existing homes, closings slid in December after also declining in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes went from $251,887 in December 2012 to $251,290 in December 2013. This came after a 15.8% surge in November year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In December 2013, there was a 7.4% drop in the average mortgage size on new homes to $217,784. Average mortgage size rose 17.7% in November 2013 from a year earlier.