Newest Figures Show New Home Prices Climb, Sales Fall in Minneapolis-St. Paul
Posted on: Aug 08, 2014 11:36:41 AM
New home closings in the Minneapolis-St. Paul, MN market sank year-over-year in April, and the percentage decline was steeper than March 2014, suggesting the market may be worsening. There was a 19.6% decline in new home closings from a year earlier. This followed a 8.6% decline year-over-year in March.
A total of 4,335 new homes were sold during the 12 months that ended in April, down from 4,402 for the year that ended in March.
New home closings, which accounted for 5.7% of overall closings, were relatively stable compared with a year earlier. For new and existing homes, closings sank in April after also declining in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes increased 11.1% year-over-year to $405,053 per unit. This rise is higher than the 9.4% surge in March year-over-year.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. In April 2014, the average mortgage size on newly sold homes saw a 13.6% surge from a year earlier. In March 2014, average mortgage size rose 6.0% from a year earlier.