Freshest Numbers Show Prices of New Homes Gain in St. Joseph, Sales Decline
Posted on: May 06, 2013 07:35:43 AM
The St. Joseph, MO market saw a drop in new home closings year-over-year in February, dropping after staying level in January. Closings stood at one in February after being two a year earlier and remaining unchanged at one in January from a year earlier.
A total of 23 new homes were sold during the 12 months that ended in February, down from 24 for the year that ended in January.
New home closings were one out of the 114 total closings, a move on a percentage basis from two of 131 a year earlier. For new and existing homes, closings declined in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $270,238 from last year's $255,688. This was on the heels of a 18.3% surge in January year-over-year.
Average mortgage size on new homes went from $204,550 a year earlier to $267,563. Average mortgage size on new homes went from $145,000 in January 2012 to $171,593 in January 2013. The overall percentage of sale price that was being financed climbed 19.0 percentage points year-over-year to 99.0% in February 2013. This comes after the figure remained relatively unchanged at 80.0% in January 2013.