New Home Sales and Prices Both Climb in Fargo According to Latest Data
Posted on: Dec 06, 2013 07:15:39 AM
In September, closings of new homes in the Fargo, ND market increased year-over-year, and with a more robust lift than August 2013, there are signals the market may be strengthening. New home closings saw a hike of 87.5% from the year earlier to 90. This came after a 19.7% climb year-over-year in August.
A total of 613 new homes were sold during the 12 months that ended in September, up from 571 for the year that ended in August.
New home closings accounted for 18.6% of overall housing closings. This marks a rise from 13.2% of total closings a year earlier. For new and existing homes, closings climbed year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
In September, the average price of newly sold homes jumped year-over-year to $279,778 per unit, a 24.4% boost. This hike is an improvement over the 9.6% gain in August year-over-year.
For newly sold homes, the average mortgage size saw a lift year-over-year along with new home prices. In September 2013, the average mortgage size on newly sold homes saw a 38.9% lift from a year earlier. Average mortgage size jumped 6.9% in August 2013 from a year earlier.