New Home Closings and Prices in Cedar Rapids Climb According to Newest Figures
Posted on: May 06, 2013 07:05:51 AM
New home closings in the Cedar Rapids, IA market grew year-over-year in February, rallying back from a drop in January 2013. New home closings gained by 18.8% in February 2013 from a year earlier, after closings saw a 26.5% fall in January from the year earlier.
A total of 490 new homes were sold during the 12 months that ended in February, up from 484 for the year that ended in January.
Out of all housing closings, new home closings represented 12.6%. A year ago, 11.9% of total closings were new home closings. For new and existing homes, closings increased year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
In February, the average price of newly sold homes rose 10.9% year-over-year to $237,613 per unit. This bump is an improvement over the 7.6% rise in January year-over-year.
For newly sold homes, the average mortgage size declined year-over-year in contrast to average price of new homes. It slipped to $185,771 in February, a 1.5% decline. In January 2013, average mortgage size on newly sold homes saw an 11.4% boost year-over-year from a year earlier. Of the overall sale price, the percentage that was being financed dipped 9.8 percentage points year-over-year to 78.2% in February 2013. In January 2013, there was a 3.0 percentage point rise from a year earlier.