New Home Closings Rise in Minneapolis-St. Paul According to Newest Data
Posted on: May 06, 2013 07:24:09 AM
In the Minneapolis-St. Paul, MN market, new home closings jumped year-over-year in January, and there were suggestions that the market may be gaining momentum as the percentage rise proved better than December 2012. There was a 60.0% climb in new home closings from a year earlier. This followed a 50.3% hike year-over-year in December.
A total of 3,368 new homes were sold during the 12 months that ended in January, up from 3,278 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 5.9%. This marks a rise from 4.1% of total closings a year earlier. For new and existing homes, closings grew year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
The average value for new homes sold in January 2013 was $325,190, a move from $327,932 a year earlier. This was on the heels of a 23.1% bump in December year-over-year.
Average mortgage size on new homes dipped year-over-year in contrast to new home prices. It declined to $275,754 in January, a 1.8% decline. In December 2012, average mortgage size rose 18.3% from a year earlier. For newly sold homes, the percentage of sale price being financed moved to 84.8% from a year earlier figure of 85.7%. This came after a 3.4 percentage point decline in December from the year earlier.