New Home Sales Rise in Fargo, Prices Stay Level According to Recent Data
Posted on: May 06, 2013 07:11:40 AM
There was a rise in new home closings in the Fargo, ND market in February year-over-year, on an upswing after a decline in January 2013. Closings gained 52.2% from a year earlier to 35, compared with a 16.7% decline in January from the year earlier.
A total of 550 new homes were sold during the 12 months that ended in February, up from 538 for the year that ended in January.
Of 215 total closings, 35 were of new homes. This is up from the 9.6% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes slid year-over-year in February.
Pricing and Mortgage Trends
In February, there was no change year-over-year in the average price of new homes as it remained at $253,895 per unit. This comes after a 14.8% boost in January year-over-year.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. In February 2013, average mortgage size rose 4.6% from a year earlier to $216,564. In January 2013, average mortgage size increased 6.8% from a year earlier. The overall percentage of sale price that was being financed rose 3.7 percentage points year-over-year to 85.3% in February 2013. This came after a 5.7 percentage point decline in January from a year earlier.