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Cedar Rapids, IA Local News

Cedar Rapids, IA - Newest New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January

Posted on: May 06, 2012 09:18:23 AM

New home sales dropped year-over-year in February in the Cedar Rapids, IA market, sliding down after a rise in January 2012. New home sales saw a 46.7% drop from a year earlier to 24. This came on the heels of a 3.1% rise year-over-year in January.

A total of 561 new homes were sold during the 12 months that ended in February, down from 582 for the year that ended in January.

A year earlier, new home sales accounted for 14.4% of overall housing sales and the percentage declined to 11.0% of sales in February 2012. For new and existing homes, sales sank in February after also declining in January year-over-year.

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Pricing and Mortgage Trends

The average price of newly sold homes rose year-over-year 11.3% in February to $228,042 per unit. This surge is smaller than the 23.9% hike in January year-over-year.

For newly sold homes, the average mortgage size grew year-over-year along with new home prices. The average mortgage size saw a 14.9% gain year-over-year to $202,771 in February. Average mortgage size jumped 22.9% in January 2012 from a year earlier. For new home sales, the average percentage of the price being financed increased 2.7 percentage points from a year earlier. It went from 85.6% in January 2011 to 85.0% in January 2012.

 
 
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