New Home Sales and Prices Decline in Duluth According to Newest Data
Posted on: Mar 06, 2014 07:12:00 AM
Closings of new homes dropped year-over-year in November in the Duluth, MN market, dropping after staying level in October. Closings stood at 2 in November after being 3 a year earlier and remaining unchanged at 1 in October from a year earlier.
New home closings were 2 out of the 314 total closings, a move on a percentage basis from 3 of 399 a year earlier. For new and existing homes, closings sank in November after also declining in October year-over-year.
The average value of newly sold homes in November 2013 was $152,000, down from last year's $260,188. This followed a 34.5% drop in October from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2013.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 26.0% of existing closings, lower than 35.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.9% in November from 20.2% a year earlier while REO closings as a percentage of existing home closings fell to 14.1% from 15.4% a year earlier.