Check Out the Freshest Figures Show New Home Prices Climb, Sales Drop in Las Vegas
Posted on: Apr 09, 2014 07:01:36 AM
In January, there was a drop year-over-year in new home closings in the Las Vegas, NV market, and the percentage fall worsened from December 2013, indicating the market may be weakening. New home closings saw a 39.3% decline from a year earlier to 316. This was after the housing market saw a 4.1% drop year-over-year in December.
A total of 6,662 new homes were sold during the 12 months that ended in January, down from 6,867 for the year that ended in December.
Out of all housing closings, new home closings accounted for 9.0%. This is a decline 11.5% of closings a year earlier. Following a year-over-year decline in December, closings of new and existing homes also sank year-over-year in January.
Pricing and Mortgage Trends
The average price of newly sold homes increased year-over-year 30.4% in January to $324,544 per unit. This bump is smaller than the 30.8% hike in December year-over-year.
The average mortgage size on newly sold homes saw a boost year-over-year along with new home prices. In January 2014, the average mortgage size on newly sold homes saw a 25.1% rise from a year earlier. In December 2013, average mortgage size on newly sold homes saw a 26.8% surge year-over-year from a year earlier.