New Home Closings and Prices in St. Louis Increase According to Latest Figures
Posted on: May 06, 2013 07:35:52 AM
New home closings in the St. Louis, MO market jumped year-over-year in February, moving upward off a decline in January 2013. New home closings climbed by 30.9% in February 2013 from a year earlier, after closings saw a 1.7% decline in January from the year earlier.
A total of 2,055 new homes were sold during the 12 months that ended in February, up from 2,021 for the year that ended in January.
Out of all housing closings, new home closings made up 4.3%. This is a rise from 3.0% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes dipped year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 8.9% in February to $270,717 per unit. This rise follows a move from $269,130 per unit in January 2012 to $271,655 in January 2013.
Average mortgage size on new homes rose year-over-year along with new home prices. It increased 8.9% in February from a year earlier to $228,062. Average mortgage size fell 4.8% in January 2013 from a year earlier. The overall percentage of sale price that was being financed was relatively unchanged from February 2012 to February 2013 at 84.2%. In January, the figure saw a 5.0 percentage point decline from a year earlier.