Freshest Numbers For Grand Forks, ND Show New Home Closings Gain
Posted on: May 06, 2013 07:13:45 AM
The Grand Forks, ND market saw an increase in closings of new homes in February year-over-year, rebounding from a year-over-year decline in January 2013. New home closings moved from one a year earlier to two after the figure moved from three in January 2012 to one in January 2013.
A total of 47 new homes were sold during the 12 months that ended in February, up from 46 for the year that ended in January.
New home closings were two of the 45 total closings, up on a percentage basis from one of 65 a year earlier. For new and existing homes, closings slid in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price for new homes was $308,514, moving from $306,250 last year. This came after a 14.0% surge in January year-over-year.
Average mortgage size on new homes rose from $245,000 to $265,859. Average mortgage size on new homes went from $317,600 in January 2012 to $362,000 in January 2013. Of the overall sale price, the percentage that was being financed increased 6.2 percentage points year-over-year to 86.2% in February 2013. This comes after the figure remained relatively unchanged at 80.0% in January 2013.