Recent Figures Show New Home Prices Rise, Sales Drop in St. Louis
Posted on: Aug 08, 2014 11:52:13 AM
Closings of new homes slid year-over-year in May in the St. Louis, MO market, and there were suggestions the market may be worsening with a percentage drop steeper than that of April 2014. New home closings saw a 81.9% fall from a year earlier to 30. In comparison, new home closings in the same month last year saw a 76.4% drop year-over-year in April.
A total of 937 new homes were sold during the 12 months that ended in May, down from 1,073 for the year that ended in April.
Out of all housing closings, new home closings represented 0.6%. This is down from the a year earlier when new home closings accounted for 3.0% of total closings. For new and existing homes, closings dropped in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year in May to $284,260 per unit, a rise of 4.6%. This surge is smaller than the 19.8% rise in April year-over-year.
The average mortgage size on newly sold homes declined year-over-year in contrast to the average price of new homes. In May 2014, average mortgage size sank 4.4% from a year earlier to $223,787. In April 2014, average mortgage size on newly sold homes saw a 3.8% boost year-over-year from a year earlier.