New Home Closings and Prices in Iowa City Drop According to Latest Figures
Posted on: May 06, 2013 07:16:54 AM
Closings of new homes in the Iowa City, IA market declined year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 15 a year earlier to 10 after the figure moved from 21 in January 2012 to 11 in January 2013.
A total of 332 new homes were sold during the 12 months that ended in February, down from 337 for the year that ended in January.
Last year, 15 of 141 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 117 total closings. After rising year-over-year in January, closings of new and existing homes dropped year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $271,750 in February 2013, down from $514,782 a year earlier. This was on the heels of a 14.8% boost in January year-over-year.
From the year-ago figure of $157,685, the average mortgage size on new homes moved up to $233,111. Average mortgage size on new homes went from $214,667 in January 2012 to $241,438 in January 2013. Of the overall sale price, the percentage that was being financed increased 55.2 percentage points year-over-year to 85.8% in February 2013. In January 2013, there was a 1.8 percentage point decline in January from a year earlier.