New Home Closings and Prices in Des Moines Increase According to Recent Figures
Posted on: Apr 06, 2014 07:11:19 AM
In December, closings of new homes gained year-over-year in the Des Moines, IA market, and the percentage boost was similar to November 2013. Closings climbed 21.1% from a year earlier to 132. This followed a 21.1% boost year-over-year in November.
A total of 1,433 new homes were sold during the 12 months that ended in December, up from 1,410 for the year that ended in November.
New home closings represented 14.1% of overall housing closings. This marks a rise from 12.5% of total closings a year earlier. Closings of new and existing homes climbed year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
In December, there was a 6.4% gain year-over-year in the average price of newly sold homes, reaching $278,609 per unit. This boost is smaller than the 16.8% hike in November year-over-year.
For newly sold homes, the average mortgage size gained year-over-year along with new home prices. Average mortgage size rose 4.5% to $235,053 in December from a year earlier. In November 2013, average mortgage size on newly sold homes saw a 11.0% surge year-over-year from a year earlier.