Latest Figures Show New Home Sales and Prices Decline in Fargo
Posted on: Aug 08, 2014 11:20:48 AM
In the Fargo, ND market, closings of new homes fell year-over-year in May, and the percentage decline was steeper than April 2014, giving suggestion the market may be worsening. There was a 51.1% drop in new home closings from a year earlier. This followed a 47.2% fall year-over-year in April.
A total of 270 new homes were sold during the 12 months that ended in May, down from 293 for the year that ended in April.
As a percentage of overall housing closings, new home closings accounted for 4.7%. This is down from the a year earlier when new home closings represented 8.4% of total closings. Closings of new and existing homes dropped year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
In May, the average price of newly sold homes declined year-over-year to $245,761 per unit, marking a 21.1% drop from the year-earlier figure. This drop is larger than the 12.4% decline in April from a year earlier.
The average mortgage size on newly sold homes slid year-over-year in contrast to the average price of new homes. It dropped 14.8% in May from a year earlier, reaching $204,857. In April 2014, average mortgage size sank 13.5% from a year earlier.