New Home Sales and Prices Decline in Cedar Rapids According to Freshest Data
Posted on: Mar 06, 2014 07:06:50 AM
Closings of new homes dropped year-over-year in December in the Cedar Rapids, IA market, a shift downward off a lift in November 2013. New home closings saw a 34.8% decline from a year earlier to 30. This came after a 7.3% rise year-over-year in November.
A total of 478 new homes were sold during the 12 months that ended in December, down from 494 for the year that ended in November.
New home closings represented 5.3% of overall housing closings. This is down from the a year earlier when new home closings represented 11.2% of total closings. For new and existing homes, closings gained year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
In December, the average price of newly sold homes declined 2.8% year-over-year to $227,273 per unit. This drop is a drop off from the 6.8% decline in November from a year earlier.
The average mortgage size on new homes moved north year-over-year in contrast to new home prices. In December 2013, the average mortgage size was $206,246, a 7.4% lift from a year earlier. In November 2013, average mortgage size on newly sold homes saw a 2.3% fall from a year earlier.