Freshest Figures Show New Home Sales Level from Last Year, Prices Drop in Cedar Rapids
Posted on: Apr 06, 2014 07:06:50 AM
New home closings in the Cedar Rapids, IA market remained steady year-over-year in January, showing signs of leveling out after falling in December from the year earlier. New home closings stayed level from a year earlier at 28. There was a fall of 30.4% in new home closings in the same month last year.
A total of 483 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
New home closings represented 10.0% of overall housing closings. They made up 9.4% of closings a year earlier. After rising year-over-year in December, closings of new and existing homes fell year-over-year in January.
Pricing and Mortgage Trends
The average price of newly sold homes dropped 10.1% year-over-year in January to $206,650 per unit. This drop is larger than the 6.1% decline in December from a year earlier.
The average mortgage size on newly sold homes saw a drop year-over-year in contrast to new home prices. It dropped 12.4% in January from a year earlier, reaching $179,901. In December 2013, average mortgage size on newly sold homes saw a 6.3% lift year-over-year from a year earlier.