Recent Figures Show New Home Prices Gain, Sales Decrease in Minneapolis-St. Paul
Posted on: Jul 06, 2014 07:24:07 AM
In March, the Minneapolis-St. Paul, MN market saw a drop year-over-year in new home closings, but with a percentage drop not as steep as February 2014, there are hints that the market may be leveling out. There was a 7.9% fall in new home closings from a year earlier. This was after the housing market saw a 12.9% drop year-over-year in February.
A total of 4,436 new homes were sold during the 12 months that ended in March, down from 4,460 for the year that ended in February.
Out of all housing closings, new home closings made up 6.6%. A year ago, new home closings made up 5.8%. For new and existing homes, closings fell in March after also declining in February year-over-year.
Pricing and Mortgage Trends
In March, the average price of newly sold homes gained year-over-year to $384,808 per unit, a 9.2% bump. This gain is smaller than the 9.8% lift in February year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In March 2014, there was a 6.0% bump in the average mortgage size, reaching $333,805. In February 2014, average mortgage size on newly sold homes saw a 8.4% boost year-over-year from a year earlier.