New Home Closings in St. Louis Rise, Prices Drop According to Recent Figures
Posted on: Mar 06, 2014 07:41:52 AM
The St. Louis, MO market saw a rise in new home closings in December year-over-year, but there were signals the market may be stabilizing with a percentage boost shallower than November 2013. There was a 9.7% boost in new home closings from a year earlier. This came after a 34.7% boost year-over-year in November.
A total of 2,861 new homes were sold during the 12 months that ended in December, up from 2,838 for the year that ended in November.
Of 3,366 total closings, 259 were of new homes. This is better than the 5.4% of closings a year earlier. For new and existing homes, closings slid in December after also declining in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes fell 5.5% year-over-year in December to $286,329 per unit. This decline follows a move from $291,740 per unit in November 2012 to $290,680 in November 2013.
The average mortgage size on newly sold homes saw a fall year-over-year in contrast to new home prices. Average mortgage size declined by 4.5% from a year earlier, settling at $239,363 in December. Average mortgage size went from $234,489 in November 2012 to $236,732 in November 2013.