Housing Unit Prices Increase 0.7% since Last Year

Intelligent Economics > Analysis > Housing Unit Prices Increase 0.7% since Last Year

In the month of March 2022, there was a total of 1,076 housing units sold, including new and used houses. These houses were only Purchasing and Sale, not refinancing or Commercial. Specifically, there were 993 used housing units sold, and 83 new housing units sold.

These housing sales total for March averaged $193,813 per housing unit. Used housing had an average price of $188,255 and new housing had an average of $260,311. When comparing the data to the previous month of February the average price for a used house increased 11.5%, and the average price for a new house increased 34%.

Comparing the data from March 2022 to the data from March 2021 there’s an increase in the average price of overall units sold of 0.7%, the average price of used houses increased 2%, and the average price for new houses decreased 4%.

Also, the amount of money granted for loans in the month of March 2022 was $174,152,507. Out of the $208,543,315 total sales, $191,128,108 was paid in cash and the rest was paid with loans. Since the amount of cash paid is larger than that of loans, we can see how cash sales are more common when buying homes.

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