Latest Figures Show New Home Prices Climb, Sales Drop in Des Moines
Posted on: Aug 08, 2014 11:18:14 AM
In the Des Moines, IA market, closings of new homes fell year-over-year in April, but the drop in percentage terms was an improvement from March 2014, suggesting that the market may be leveling out. There was a 6.7% fall in new home closings from a year earlier. This followed a 37.3% fall year-over-year in March.
A total of 1,229 new homes were sold during the 12 months that ended in April, down from 1,236 for the year that ended in March.
New home closings accounted for 8.0% of overall housing closings. This is down from the a year earlier when new home closings represented 9.2% of total closings. Following a year-over-year increase in March, closings of new and existing homes also climbed year-over-year in April.
Pricing and Mortgage Trends
In April, the average price of newly sold homes increased 4.9% year-over-year to $271,688 per unit. This hike is smaller than the 14.5% surge in March year-over-year.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. Average mortgage size climbed 1.9% to $229,545 in April from a year earlier. Average mortgage size climbed 7.2% in March 2014 from a year earlier.