Newest Numbers For Minneapolis-St. Paul Show New Home Closings and Prices Climb
Posted on: Dec 06, 2013 07:30:48 AM
Closings of new homes climbed year-over-year in August in the Minneapolis-St. Paul, MN market, and with a stronger hike than July 2013, there are suggestions the market may be bolstering. New home closings saw a 40.4% rise from a year earlier to 469. This came after a 32.2% climb year-over-year in July.
A total of 4,032 new homes were sold during the 12 months that ended in August, up from 3,897 for the year that ended in July.
As a percentage of overall housing closings, new home closings made up 6.6%. This marks a rise from 5.0% of total closings a year earlier. For new and existing homes, closings gained year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $378,048 per unit in August, up 8.7%from a year earlier. This boost is smaller than the 15.0% hike in July year-over-year.
The average mortgage size on newly sold homes saw a bump year-over-year along with new home prices. It gained 7.2% in August from a year earlier to $319,246. In July 2013, average mortgage size on newly sold homes saw a 12.7% surge year-over-year from a year earlier.