New Home Prices Gain in St. Louis According to Latest Figures, Sales Decline
Posted on: Apr 06, 2014 07:41:54 AM
In January, the St. Louis, MO market saw a fall year-over-year in new home closings, sliding down after a boost in December 2013. New home closings saw a 13.5% decline from a year earlier to 135. In comparison, new home closings in the same month last year saw a 9.6% rise year-over-year in December.
A total of 2,887 new homes were sold during the 12 months that ended in January, down from 2,908 for the year that ended in December.
Out of all housing closings, new home closings made up 4.5%. A year ago, new home closings represented 4.0%. Closings of new and existing homes fell year-over-year in January after remaning steady in December year-over-year.
Pricing and Mortgage Trends
In January, there was a 7.1% rise year-over-year in the average price of newly sold homes, reaching $294,977 per unit. This gain compares to a 3.0% fall in December from a year earlier.
For newly sold homes, the average mortgage size saw a surge year-over-year along with new home prices. In January 2014, the average mortgage size was $247,545, up 10.0% from a year earlier. Average mortgage size slid 1.8% in December 2013 from a year earlier.