New Home Closings in Davenport Climb, Prices Drop According to Latest Figures
Posted on: Jul 06, 2014 07:09:19 AM
New home closings in the Davenport, IA market climbed year-over-year in March, but the increase was less than February 2014. New home closings moved from 10 a year earlier to 13 after the figure moved from 10 in February 2013 to 18 in February 2014.
A total of 257 new homes were sold during the 12 months that ended in March, up from 254 for the year that ended in February.
New home closings were 13 out of 407 total closings, making up 3.2%. This is up on a percentage basis from 10 of 483 a year earlier. After remaining steady in February from a year earlier, closings of new and existing homes fell year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $332,885, down from $362,950 a year earlier. This was on the heels of a 11.7% drop in February from a year earlier.
Average mortgage size on new homes fell from $313,722 to $303,425. Average mortgage size on new homes went from $265,147 in February 2013 to $292,228 in February 2014.