Prices of New Homes Climb in Duluth, Sales Drop According to Freshest Data
Posted on: May 06, 2013 07:10:11 AM
New home closings declined year-over-year in January in the Duluth, MN market, and the decline was by a larger percentage than the December 2012. New home closings moved from five a year earlier to two after the figure moved from three in December 2011 to two in December 2012.
A total of 26 new homes were sold during the 12 months that ended in January, down from 29 for the year that ended in December.
New home closings represented two out of the 295 total closings, which is a smaller percentage than the five of 288 total closings a year earlier. Closings of new and existing homes increased year-over-year in January following a drop in December year-over-year.
The average new home price was $176,565, up from $138,500 a year earlier. This was on the heels of a 28.1% surge in December year-over-year.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in January 2013. Single-family homes continued to account for all of new home closings.