Freshest Figures Show New Home Prices Increase, Sales Decline in Iowa City
Posted on: Mar 06, 2014 07:19:31 AM
In December, there was a decline year-over-year in new home closings in the Iowa City, IA market, moving south after a surge in November 2013. New home closings saw a 28.0% drop from a year earlier to 18. This came on the heels of a 5.3% boost year-over-year in November.
A total of 356 new homes were sold during the 12 months that ended in December, down from 363 for the year that ended in November.
New home closings represented 9.3% of overall housing closings. This is down from the 15.9% of closings a year earlier. Closings of new and existing homes gained year-over-year in December following a decline in November year-over-year.
Pricing and Mortgage Trends
In December, the average value of new homes saw a 7.1% surge year-over-year as it grew to $281,117 per unit. This hike is smaller than the 24.6% boost in November year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In December 2013, the average mortgage size was $264,485, up 16.8% from a year earlier. Average mortgage size gained 14.6% in November 2013 from a year earlier.