New Home Prices Rise in Las Vegas According to Recent Figures, Sales Fall
Posted on: Mar 06, 2014 07:23:21 AM
Closings of new homes declined year-over-year in December in the Las Vegas, NV market, but the decline in percentage terms was not as steep as November 2013, signaling that the market may be stabilizing. Closings fell 7.9% from a year earlier to 476. This followed a 22.2% drop year-over-year in November.
A total of 6,825 new homes were sold during the 12 months that ended in December, down from 6,866 for the year that ended in November.
Out of all housing closings, new home closings made up 10.7%. New home closings were 10.4% of overall closings last year. Following a year-over-year decline in November, closings of new and existing homes also dropped year-over-year in December.
Pricing and Mortgage Trends
In December, the average value of new homes saw a 31.5% rise year-over-year as it grew to $327,222 per unit. This hike is smaller than the 33.0% lift in November 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 27.1% gain year-over-year to $274,060 in December. In November 2013, average mortgage size increased 27.3% from a year earlier.