Recent Numbers For Fargo Show New Home Closings and Prices Increase
Posted on: Apr 06, 2014 07:13:40 AM
In January, closings of new homes in the Fargo, ND market rose year-over-year, but as the percentage climbed less than December 2013, the market seemed to show signs of leveling. There was a 50.0% boost in new home closings from a year earlier. This came after a 86.4% boost year-over-year in December.
A total of 720 new homes were sold during the 12 months that ended in January, up from 705 for the year that ended in December.
Out of all housing closings, new home closings accounted for 12.6%. This marks a rise from 4.8% of total closings a year earlier. Following a year-over-year rise in December, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
In January, the average price of newly sold homes climbed 16.4% year-over-year to $312,501 per unit. This surge is higher than the 4.4% boost in December year-over-year.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. It grew 8.2% in January from a year earlier to $224,375. In December 2013, average mortgage size increased 4.0% from a year earlier.