Prices of New Homes Gain in Iowa City, Sales Fall According to Latest Data
Posted on: Aug 08, 2014 11:27:30 AM
New home closings declined year-over-year in May in the Iowa City, IA market, and the decline was by a larger percentage than the April 2014. New home closings moved from 46 a year earlier to 18 after the figure moved from 24 in April 2013 to 10 in April 2014.
A total of 202 new homes were sold during the 12 months that ended in May, down from 230 for the year that ended in April.
Out of all housing closings, new home closings made up 4.1%. This is down from the a year earlier when new home closings accounted for 10.9% of total closings. For new and existing homes, closings gained year-over-year in May after also increasing in April year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 3.1% surge year-over-year to $296,667 per unit in May. This bump compares to a 7.1% drop in April from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In May 2014, the average mortgage size was $241,559, a 3.5% surge from a year earlier. Average mortgage size on new homes went from $243,016 in April 2013 to $246,847 in April 2014.