New Home Closings and Prices in Des Moines Rise According to Recent Figures
Posted on: May 06, 2013 07:09:39 AM
There was an increase in closings of new homes in the Des Moines, IA market in January year-over-year, and the percentage lift was sharper than December 2012, hinting that the market may be strengthening. New home closings gained by 19.7% in January 2013 from a year earlier, after closings saw a 13.8% climb in December from the year earlier.
A total of 1,232 new homes were sold during the 12 months that ended in January, up from 1,218 for the year that ended in December.
New home closings represented 10.5% of overall housing closings. New home closings were 9.9% of overall closings last year. Closings of new and existing homes gained year-over-year in January following a fall in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $261,127 per unit in January, up 16.2%from a year earlier. This boost is higher than the 14.9% gain in December year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In January 2013, the average mortgage size was $225,277, a 19.1% hike from a year earlier. In December 2012, average mortgage size increased 9.1% from a year earlier. Of the overall sale price, the percentage that was being financed rose 2.1 percentage points year-over-year to 86.3% in January 2013. In December 2012, there was a 4.5 percentage point decline in December from a year earlier.