New Home Closings Decline in Duluth According to Freshest Figures
Posted on: Apr 06, 2014 07:11:56 AM
In the Duluth, MN market in December, closings of new homes slid year-over-year, and the decline was by a larger percentage than the November 2013. New home closings moved from 2 a year earlier to 1 after the figure moved from 3 in November 2012 to 2 in November 2013.
1 of the 393 total closings were new home closings, a shift on a percentage basis from 2 out of 363 a year earlier. Closings of new and existing homes rose year-over-year in December following a fall in November year-over-year.
Pricing and Mortgage Trends
The average new home price was $240,000, a move from $238,000 a year earlier. This followed a 41.6% drop in November from a year earlier.
The average mortgage size moved to $147,000, down from last year's $229,782.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2013.