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Des Moines, West Des Moines, IA

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Des Moines, IA Local News

Des Moines, IA - Latest New Home Sales Numbers Give Hints Market Gain Building

Posted on: May 06, 2012 09:23:44 AM

In the Des Moines, IA market, new home sales increased year-over-year in January, and there were signs that the market may be gaining momentum as the percentage surge proved better than December 2011. Sales climbed 65.9% from a year earlier to 73, relative to a 22.1% boost in December from the year earlier.

A total of 1,108 new homes were sold during the 12 months that ended in January, up from 1,079 for the year that ended in December.

Out of all housing sales, new home sales made up 10.8%. This is up from the 7.7% of sales a year earlier. For new and existing homes, sales grew year-over-year in January after also increasing in December year-over-year.

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Pricing and Mortgage Trends

The average price of newly sold homes climbed year-over-year 15.9% in January to $222,123 per unit. This gain is higher than the 7.9% rise 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 2012, average mortgage size rose 2.9% from a year earlier to $187,462. Average mortgage size went from $201,278 in December 2010 to $199,551 in December 2011. Of the overall sale price, the percentage that was being financed declined 10.7 percentage points year-over-year to 84.4% in January 2012.

 
 
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