New Home Sales and Prices Both Gain in Minneapolis-St. Paul According to Freshest Data
Posted on: Apr 06, 2014 07:27:26 AM
There was a rise in new home closings in the Minneapolis-St. Paul, MN market in December year-over-year, and there were suggestions of strengthening market conditions as the percentage gain was sharper than November 2013. There was a 34.4% jump in new home closings from a year earlier. This came on the heels of a 25.4% rise year-over-year in November.
A total of 4,517 new homes were sold during the 12 months that ended in December, up from 4,412 for the year that ended in November.
New home closings accounted for 9.3% of overall housing closings. This is better than the 6.3% of closings a year earlier. For new and existing homes, closings sank in December after also declining in November year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 4.1% surge year-over-year to $385,242 per unit in December. This lift is smaller than the 14.3% gain in November year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. The average mortgage size rose to $336,157 in December, marking a 11.3% rise compared with a year earlier. In November 2013, average mortgage size climbed 10.0% from a year earlier.