New Home Prices Gain in Cedar Rapids According to Freshest Figures, Sales Decline
Posted on: Jul 06, 2014 07:05:51 AM
Closings of new homes slid year-over-year in April in the Cedar Rapids, IA market, but there were signs that the market may be evening out with a percentage fall less steep than in March 2014. New home closings saw a fall of 5.1% from the year earlier to 37. In comparison, new home closings in the same month last year saw a 15.8% decline year-over-year in March.
A total of 460 new homes were sold during the 12 months that ended in April, down from 462 for the year that ended in March.
New home closings represented 7.3% of overall housing closings. This is down from the 9.2% of closings a year earlier. For new and existing homes, closings jumped year-over-year in April after also increasing in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year in April to $244,046 per unit, a rise of 7.2%. This surge compares to a 1.1% fall in March from a year earlier.
Average mortgage size on new homes increased year-over-year along with new home prices. Average mortgage size increased 4.6% to $214,291 in April from a year earlier. In March 2014, average mortgage size sank 5.1% from a year earlier.