Newest Figures Show New Home Sales and Prices Gain in Iowa City
Posted on: Apr 06, 2014 07:19:17 AM
In the Iowa City, IA market in January, closings of new homes climbed year-over-year, rebounding from a year-over-year decline in December 2013. New home closings moved from 12 a year earlier to 15 after the figure moved from 27 in December 2012 to 19 in December 2013.
A total of 364 new homes were sold during the 12 months that ended in January, up from 361 for the year that ended in December.
New home closings were 15 out of 115 total closings, making up 13.0%. This is up on a percentage basis from 12 of 140 a year earlier. Following a year-over-year rise in December, closings of new and existing homes dropped year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes was $299,713, an increase from $281,292 a year earlier. This was on the heels of a 9.5% hike in December year-over-year.
Average mortgage size on new homes went from $238,792 a year earlier to $266,050. Average mortgage size grew 18.4% in December 2013 from a year earlier.