Prices of New Homes Increase in Springfield, Sales Decrease - July 2014
Posted on: Jul 08, 2014 07:03:41 AM
In the Springfield, MO market, closings of new homes declined year-over-year in April, a downhill move after a bump in March 2014. There was a 12.1% drop in new home closings from a year earlier. This came after a 6.9% rise year-over-year in March.
A total of 361 new homes were sold during the 12 months that ended in April, down from 365 for the year that ended in March.
Of the total number of closings, new home closings made up 4.2%. As a part of the whole, new home closings were 3.9% a year earlier. For new and existing homes, closings dropped in April after also declining in March year-over-year.
Pricing and Mortgage Trends
In April, there was a 14.8% boost year-over-year in the average price of newly sold homes, reaching $194,556 per unit. This lift is smaller than the 34.5% hike in March year-over-year.
There was a gain year-over-year in the average mortgage size on new homes along with new home prices. Average mortgage size jumped 9.6% to $160,377 in April from a year earlier. In March 2014, average mortgage size on newly sold homes saw a 25.1% bump year-over-year from a year earlier.