New Home Closings in St. Louis Climb, Prices Decline According to Latest Figures
Posted on: Dec 06, 2013 07:46:10 AM
Closings of new homes in the St. Louis, MO market gained year-over-year in September, and with a stronger bump in comparison with August 2013, the market seems to be strengthening. There was a 32.2% climb in new home closings from a year earlier. This came after a 15.9% climb year-over-year in August.
A total of 2,518 new homes were sold during the 12 months that ended in September, up from 2,461 for the year that ended in August.
Out of all housing closings, new home closings accounted for 5.5%. This marks a rise from 4.1% of total closings a year earlier. After a drop in August year-over-year, new and existing home closings stayed level in September.
Pricing and Mortgage Trends
In September, the average price of newly sold homes declined year-over-year to $264,550 per unit, marking a 6.7% fall from the year-earlier figure. This fall follows a move from $284,028 per unit in August 2012 to $285,655 in August 2013.
For newly sold homes, the average mortgage size saw a fall year-over-year in contrast to new home prices. Average mortgage size fell by 3.1% from a year earlier, settling at $230,294 in September. Average mortgage size gained 3.9% in August 2013 from a year earlier.