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Grand Forks, ND, MN

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Grand Forks, ND - Latest New home Sales Swing Down

Posted on: May 07, 2012 09:13:08 AM

The Grand Forks, ND market saw a drop in new home sales year-over-year in February, declining after staying relatively stable in January from the year earlier. Sales stood at one in February after being seven a year earlier and the figure was unchanged at three in January from a year earlier.

A total of 65 new homes were sold during the 12 months that ended in February, down from 71 for the year that ended in January.

On a percentage basis, new home sales as a part of total sales decreased to 1.6% from 11.3% a year earlier. After dropping in January from a year earlier, sales of new and existing homes increased year-over-year in February.

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Pricing and Mortgage Trends

The average new home price was $306,250, up from $255,683 a year earlier. This followed a 23.8% hike in January year-over-year.

Average mortgage size on new homes went from $213,839 a year earlier to $245,000. Average mortgage size on new homes went from $256,473 in January 2011 to $317,600 in January 2012. The overall percentage of sale price that was being financed dipped 3.6 percentage points year-over-year to 80.0% in February 2012. This comes after the figure remained relatively unchanged at 80.0% in January 2012.

 
 
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