Recent Figures Show New Home Sales and Prices Gain in Grand Forks
Posted on: Jul 06, 2014 07:13:46 AM
In the Grand Forks, ND market, closings of new homes climbed year-over-year in April, rebounding from a year-over-year decline in March 2014. New home closings moved from 3 a year earlier to 5 after the figure moved from 3 in March 2013 to 1 in March 2014.
New home closings were 5 out of 60 total closings, making up 8.3%. This is up on a percentage basis from 3 of 94 a year earlier. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $412,000, an increase from $383,425 a year earlier. This was on the heels of a 37.2% hike in March year-over-year.
Average mortgage size on new homes rose from $306,740 to $329,600. Average mortgage size on new homes went from $343,757 in March 2013 to $394,000 in March 2014.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2014.