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Fargo, ND Local News

Fargo, ND - Freshest Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January

Posted on: May 07, 2012 09:10:15 AM

The Fargo, ND market saw an increase in sales of new homes in February year-over-year, rebounding from a year-over-year decline in January 2012. There was a 15.0% jump in new home sales from a year earlier. In comparison, new home sales in the same month last year saw a 6.5% decline year-over-year in January.

A total of 431 new homes were sold during the 12 months that ended in February, up from 428 for the year that ended in January.

As a percentage of overall housing sales, new home sales accounted for 10.0%, down from the 11.8% of sales a year earlier. Following a year-over-year increase in January, sales of new and existing homes also climbed year-over-year in February.

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Pricing and Mortgage Trends

In February, the average value of new homes saw a 23.3% gain year-over-year as it grew to $253,766 per unit. This lift is better than the 4.4% rise in January year-over-year.

Average mortgage size on new homes grew year-over-year along with new home prices. In February 2012, there was a 15.8% rise in the average mortgage size, reaching $206,999. Average mortgage size went from $192,348 in January 2011 to $192,953 in January 2012. Of the overall sale price, the percentage that was being financed fell 5.3 percentage points year-over-year to 81.6% in February 2012.

 
 
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