New Home Closings and Prices in Springfield Climb According to Newest Figures
Posted on: May 06, 2013 07:35:19 AM
There was a rise in closings of new homes in the Springfield, MO market in February year-over-year, but the increase was less than January 2013. New home closings moved from 18 a year earlier to 19 after the figure moved from 14 in January 2012 to 19 in January 2013.
A total of 279 new homes were sold during the 12 months that ended in February, up from 278 for the year that ended in January.
Out of all housing closings, new home closings made up 3.5%. A year ago, 3.0% of total closings were new home closings. Following a year-over-year rise in January, closings of new and existing homes slipped year-over-year in February.
Pricing and Mortgage Trends
The average price of newly sold homes increased 30.3% year-over-year in February to $206,560 per unit. This is a swing up from the 28.0% fall in January from a year earlier.
The average mortgage size on newly sold homes climbed year-over-year along with the average price of new homes. In February 2013, the average mortgage size on newly sold homes saw a 28.0% hike from a year earlier. Average mortgage size on new homes went from $208,339 in January 2012 to $160,031 in January 2013. The overall percentage of sale price that was being financed fell 1.5 percentage points year-over-year to 85.8% in February 2013. This came after a 5.5 percentage point rise in January from a year earlier.