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.
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.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings rose from 97.2% of new closings in January 2012 to 98.8% of closings in January 2013. At the same time, the share of new home closings belonging to attached units declined to 1.2% of closings from 2.8% of closings.
The average unit size of newly sold homes dipped 7.0% year-over-year to 1,590 square feet in January 2013. This decline was opposite the price lift, a pattern also seen in December 2012 when the average size of newly sold homes fell 6.6% to 1,644 square feet.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 39.2% of closings. In January 2012, they represented 43.5%. The percentage of existing home closings involving foreclosures declined to 20.6% in January from 21.7% a year earlier while REO closings as a percentage of existing home closings dipped to 18.6% from 21.7% a year earlier.
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Source: Housing Intelligence