Grand Forks, ND - Local Housing Data - Summary

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Grand Forks, ND, MN

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Grand Forks, ND Local News

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.

 
 
 

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