Newest Numbers Show Prices of New Homes Rise in St. Louis, Sales Drop
Posted on: Jul 06, 2014 07:36:08 AM
In the St. Louis, MO market, closings of new homes slid year-over-year in April, but the percentage drop was not as steep as March 2014, giving suggestion that the market may be leveling out. There was a 10.2% decline in new home closings from a year earlier. This came after a 14.6% decline year-over-year in March.
A total of 2,846 new homes were sold during the 12 months that ended in April, down from 2,868 for the year that ended in March.
New home closings represented 4.5% of overall housing closings. A year ago, new home closings accounted for 4.1%. Closings of new and existing homes dropped year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes gained 5.1% year-over-year to $291,436 per unit. This surge is smaller than the 14.7% gain in March year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size saw a 1.1% lift year-over-year to $235,498 in April. In March 2014, average mortgage size jumped 8.8% from a year earlier.