Latest Figures Show New Home Sales and Prices Climb in Des Moines
Posted on: Dec 06, 2013 07:12:53 AM
There was a rise in new home closings in the Des Moines, IA market in August year-over-year, and with a stronger lift than July 2013, there are signs the market may be bolstering. New home closings saw a rise of 24.6% from the year earlier to 152. This followed a 12.4% boost year-over-year in July.
A total of 1,304 new homes were sold during the 12 months that ended in August, up from 1,274 for the year that ended in July.
New home closings made up 10.8% of overall housing closings. This marks a rise from 9.7% of total closings a year earlier. For new and existing homes, closings gained year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year in August to $251,978 per unit, a rise of 5.5%. This surge compares to a 4.6% decline in July from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In August 2013, the average mortgage size on newly sold homes saw a 7.7% bump from a year earlier. In July 2013, average mortgage size on newly sold homes saw a 2.7% drop from a year earlier.