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.
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.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen. Single-family home closings made up all of new home closings after accounting for 11 of 15 last year. Meanwhile, attached units made up no part of new home closings after making up four of 15 closings a year earlier.
The average unit size of newly sold homes fell from 1,473 square feet a year earlier to 1,407 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 16.8% of existing closings, lower than 27.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.6% in February from 18.3% a year earlier while REO closings as a percentage of existing home closings increased to 11.2% from 8.7%.
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Source: Housing Intelligence