New Home Closings and Prices in St. Cloud Rise According to Newest Figures
Posted on: Apr 06, 2014 07:41:24 AM
In December, closings of new homes in the St. Cloud, MN market increased year-over-year,. New home closings moved from 1 a year earlier to 3 after the figure moved from none in November 2012 to 1 in November 2013.
New home closings were 3 out of 85 total closings, making up 3.5%. This is up on a percentage basis from 1 of 57 a year earlier. Following a decline in November year-over-year, closings of new and existing homes gained year-over-year in December.
The average new home value went from $170,000 last year to $244,230. This came after a shift from no closings in November 2012 to an average price of $86,000 in November 2013.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2013.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 17.1% of closings, below 19.6% a year earlier. The percentage of existing home closings involving foreclosures stayed at no part of closings in December from a year earlier while REO closings as a percentage of existing home closings dropped to 17.1% from 19.6% a year earlier.