Freshest Numbers For Minneapolis-St. Paul Show New Home Closings and Prices Gain
Posted on: Feb 12, 2014 07:15:41 AM
The Minneapolis-St. Paul, MN market saw an increase in closings of new homes in October year-over-year, but with a less pronounced percentage bump than September 2013, there are hints of market stabilization. New home closings saw a hike of 22.3% from the year earlier to 433. This came on the heels of a 22.8% jump year-over-year in September.
A total of 4,191 new homes were sold during the 12 months that ended in October, up from 4,112 for the year that ended in September.
Out of all housing closings, new home closings represented 7.6%. This is better than the 6.3% of closings a year earlier. Closings of new and existing homes jumped year-over-year in October after also rising in September year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 8.6% hike year-over-year in October to $381,449 per unit. This boost is better than the 6.2% lift in September year-over-year.
Average mortgage size on new homes grew year-over-year along with new home prices. In October 2013, the average mortgage size on newly sold homes saw a 7.9% rise from a year earlier. In September 2013, average mortgage size on newly sold homes saw a 4.7% boost year-over-year from a year earlier.