New Home Closings in Grand Forks Climb, Prices Decrease According to Recent Figures
Posted on: Apr 06, 2014 07:15:51 AM
Closings of new homes in the Grand Forks, ND market climbed year-over-year in January, rebounding from a year-over-year decline in December 2013. New home closings moved from 1 a year earlier to 2 after the figure moved from 5 in December 2012 to 4 in December 2013.
New home closings were 2 of the 56 total closings, up on a percentage basis from 1 of 53 a year earlier. After dropping in December from a year earlier, closings of new and existing homes jumped year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $342,974, compared with $452,500 last year. This was on the heels of a 17.8% lift in December year-over-year.
The average mortgage size moved to $274,379, down from last year's $362,000. Average mortgage size on new homes went from $246,718 in December 2012 to $293,150 in December 2013.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2014.