New Home Sales and Prices Decline in Cedar Rapids According to Latest Data
Posted on: Aug 08, 2014 11:12:49 AM
In the Cedar Rapids, IA market in May, new home closings declined year-over-year, and the percentage fall that was steeper than April 2014 gave implications of worsening market conditions. New home closings saw a 25.0% decline from a year earlier to 18. This followed a 7.1% decline year-over-year in April.
A total of 311 new homes were sold during the 12 months that ended in May, down from 317 for the year that ended in April.
Of the total number of closings, new home closings made up 3.4%. A year earlier, new home closings accounted for 4.2% of total closings. Following a year-over-year rise in April, closings of new and existing homes dropped year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes sank by 3.4% year-over-year to $246,861 per unit in May. This decline compares to a 13.8% bump in April year-over-year.
For newly sold homes, the average mortgage size climbed year-over-year in contrast to new home prices. In May 2014, average mortgage size gained 4.2% from a year earlier to $214,080. Average mortgage size rose 11.5% in April 2014 from a year earlier.