New Home Closings Drop in Las Vegas According to Latest Figures
Posted on: Aug 08, 2014 11:31:54 AM
New home closings slid year-over-year in May in the Las Vegas, NV market, but with a percentage decline less steep than April 2014, there are suggestions the market may be leveling out. New home closings saw a 27.8% drop from a year earlier to 470. This came after a 37.6% decline year-over-year in April.
A total of 6,003 new homes were sold during the 12 months that ended in May, down from 6,184 for the year that ended in April.
As a percentage of overall housing closings, new home closings accounted for 9.2%. This is down from the a year earlier when new home closings accounted for 11.4% of total closings. Following a year-over-year decline in April, closings of new and existing homes also slid year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes went from $317,285 in May 2013 to $316,765 in May 2014. This was on the heels of a 9.7% hike in April year-over-year.
The average mortgage size on new homes moved north year-over-year in contrast to new home prices. In May 2014, the average mortgage size on newly sold homes saw a 9.6% hike from a year earlier. In April 2014, average mortgage size rose 13.4% from a year earlier.