Recent Figures Show New Home Sales and Prices Gain in Las Vegas
Posted on: May 06, 2013 07:20:17 AM
The Las Vegas, NV market saw an increase in closings of new homes in February year-over-year, but with a less pronounced percentage surge than January 2013, there are hints of market stabilization. Closings rose 83.9% from a year earlier to 504, compared with a more than twofold boost in January from the year earlier.
A total of 5,698 new homes were sold during the 12 months that ended in February, up from 5,468 for the year that ended in January.
Of 4,990 total closings, 504 were of new homes. This is an increase on a percentage basis, as new home closings were 4.9% of total closings a year ago. Closings of new and existing homes sank year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year in February to $261,785 per unit, a rise of 13.0%. This lift is better than the 2.6% rise in January year-over-year.
Average mortgage size on new homes grew year-over-year along with new home prices. It climbed to $230,291 in February, an 11.2% gain. Average mortgage size increased 5.2% in January 2013 from a year earlier. For new home closings, the percentage of the sale price that was being financed dipped 1.4 percentage points year-over-year to 88.0% in February 2013. This was a swing downward after a 2.1 percentage point rise in January from a year earlier.