New Home Prices Increase in Iowa City According to Newest Figures, Sales Decrease
Posted on: Dec 06, 2013 07:22:21 AM
Closings of new homes in the Iowa City, IA market dropped year-over-year in September, shifting downward off a boost in August 2013. Closings fell 24.0% from a year earlier to 19. This came after a 23.5% climb year-over-year in August.
A total of 359 new homes were sold during the 12 months that ended in September, down from 365 for the year that ended in August.
As a percentage of overall housing closings, new home closings accounted for 10.0%. This is down from the 14.1% of closings a year earlier. Closings of new and existing homes jumped year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year 1.8% in September to $262,701 per unit. This bump compares to a 2.1% fall in August from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. Average mortgage size climbed 8.9% to $233,092 in September from a year earlier. In August 2013, average mortgage size on newly sold homes saw a 2.0% boost year-over-year from a year earlier.