Recent Numbers Show Prices of New Homes Gain in Des Moines, Sales Decrease
Posted on: Jul 06, 2014 07:09:50 AM
In March, there was a drop year-over-year in new home closings in the Des Moines, IA market, but there were suggestions of market improvement with a percentage decline less steep than in February 2014. New home closings saw a 30.1% drop from a year earlier to 79. In comparison, new home closings in the same month last year saw a 35.1% decline year-over-year in February.
A total of 1,353 new homes were sold during the 12 months that ended in March, down from 1,387 for the year that ended in February.
Out of all housing closings, new home closings made up 7.7%. This is down from the 11.1% of closings a year earlier. After a fall in February year-over-year, new and existing home closings stayed level in March.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year in March to $276,738 per unit, a rise of 9.5%. This lift is smaller than the 13.1% hike in February year-over-year.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. It grew 3.9% in March from a year earlier to $226,538. In February 2014, average mortgage size climbed 9.0% from a year earlier.