New Home Closings and Prices in Des Moines Increase According to Latest Figures
Posted on: Mar 06, 2014 07:11:20 AM
Closings of new homes in the Des Moines, IA market gained year-over-year in November, moving north after a decline in October 2013. There was a 30.7% hike in new home closings from a year earlier. This was after the housing market saw a 11.5% drop year-over-year in October.
A total of 1,370 new homes were sold during the 12 months that ended in November, up from 1,339 for the year that ended in October.
As a percentage of overall housing closings, new home closings made up 12.3%. This marks a rise from 10.2% of total closings a year earlier. Closings of new and existing homes increased year-over-year in November after also rising in October year-over-year.
Pricing and Mortgage Trends
In November, the average price of newly sold homes rose 16.9% year-over-year to $296,394 per unit. This boost is better than the 13.2% bump in October year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In November 2013, the average mortgage size on newly sold homes saw a 10.5% bump from a year earlier. In October 2013, average mortgage size jumped 9.8% from a year earlier.