Newest Figures Show New Home Prices Rise, Sales Drop in Columbia
Posted on: Aug 08, 2014 11:15:44 AM
In May, there was a fall year-over-year in new home closings in the Columbia, MO market, and the decline was by a larger percentage than the April 2014. New home closings moved from 14 a year earlier to 1 after the figure moved from 13 in April 2013 to 3 in April 2014.
A total of 38 new homes were sold during the 12 months that ended in May, down from 51 for the year that ended in April.
On a percentage basis, new home closings as a part of total closings decreased to 0.3% from 3.5% a year earlier. Following a year-over-year decline in April, closings of new and existing homes also sank year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes was $260,000, an increase from $222,091 a year earlier. This was on the heels of a 89.0% bump in April year-over-year.
From the year-ago figure of $182,716, the average mortgage size on new homes moved up to $208,000. Average mortgage size on new homes went from $168,776 in April 2013 to $302,532 in April 2014.