Recent Figures Show New Home Prices Gain, Sales Fall in Duluth
Posted on: Dec 06, 2013 07:13:32 AM
In the Duluth, MN market, closings of new homes fell year-over-year in August, sliding after a growth in July 2013. New home closings moved from 5 a year earlier to 2 after the figure moved from 3 in July 2012 to 6 in July 2013.
New home closings were 2 out of the 568 total closings, a move on a percentage basis from 5 of 530 a year earlier. Following a year-over-year increase in July, closings of new and existing homes also grew year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes rose to $322,831 from last year's $215,152. This followed a more than twofold gain in July year-over-year.
The average mortgage size on new homes was $281,114, up from $167,911. Average mortgage size on new homes went from $62,900 in July 2012 to $134,771 in July 2013.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in August 2013.