New Home Closings and Prices Fall in Iowa City - July 2014
Posted on: Jul 08, 2014 07:01:17 AM
Closings of new homes slid year-over-year in April in the Iowa City, IA market, and the decline was by a larger percentage than the March 2014. New home closings moved from 31 a year earlier to 21 after the figure moved from 16 in March 2013 to 12 in March 2014.
A total of 356 new homes were sold during the 12 months that ended in April, down from 366 for the year that ended in March.
Out of all housing closings, new home closings represented 8.0%. This is a fall 12.2% of closings a year earlier. Closings of new and existing homes increased year-over-year in April following a decline in March year-over-year.
Pricing and Mortgage Trends
In April, the average per-unit price of new homes sank by 2.4% year-over-year to $268,167. This drop compares to a 19.2% bump in March year-over-year.
For newly sold homes, the average mortgage size saw a rise year-over-year in contrast to new home prices. Average mortgage size increased 5.2% to $239,694 in April from a year earlier. Average mortgage size on new homes went from $216,375 in March 2013 to $251,468 in March 2014.