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Des Moines, West Des Moines, IA

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Des Moines, IA Local News

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.

 
 
 

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