New Home Sales and Prices Both Increase in Cedar Rapids According to Latest Data
Posted on: Dec 06, 2013 07:08:02 AM
There was a rise in closings of new homes in the Cedar Rapids, IA market in September year-over-year, but there were hints the market may be stabilizing with a percentage hike shallower than August 2013. Closings increased 2.4% from a year earlier to 42. This was after the housing market saw a 31.7% rise year-over-year in August.
A total of 493 new homes were sold during the 12 months that ended in September, up from 492 for the year that ended in August.
Out of all housing closings, new home closings represented 8.9%. As a part of the whole, new home closings were 8.5% a year earlier. After rising year-over-year in August, closings of new and existing homes declined year-over-year in September.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 22.1% bump year-over-year in September to $258,252 per unit. This rise compares to a 1.4% fall in August from a year earlier.
For newly sold homes, the average mortgage size gained year-over-year along with new home prices. It rose 2.4% in September from a year earlier to $198,796. In August 2013, average mortgage size slid 4.4% from a year earlier.