New Home Sales and Prices Climb in Fargo - July 2014
Posted on: Jul 08, 2014 07:00:37 AM
In April, closings of new homes grew year-over-year in the Fargo, ND market, and there were hints that the market may be gaining momentum as the percentage hike proved better than March 2014. New home closings saw a jump of 18.6% from the year earlier to 51. This came on the heels of a 7.5% jump year-over-year in March.
A total of 749 new homes were sold during the 12 months that ended in April, up from 741 for the year that ended in March.
Out of all housing closings, new home closings accounted for 14.9%. This marks a rise from 11.3% of total closings a year earlier. Closings of new and existing homes dropped year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 15.4% surge year-over-year to $297,579 per unit in April. This rise is higher than the 8.7% boost in March year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It gained to $243,315 in April, a 6.2% hike. In March 2014, average mortgage size on newly sold homes saw a 7.6% hike year-over-year from a year earlier.