Newest Figures Show New Home Prices Rise, Sales Decline in Las Vegas
Posted on: Dec 06, 2013 07:26:08 AM
Closings of new homes in the Las Vegas, NV market declined year-over-year in September, a downhill move after a bump in August 2013. There was a 2.8% fall in new home closings from a year earlier. This followed a 9.7% boost year-over-year in August.
A total of 6,944 new homes were sold during the 12 months that ended in September, down from 6,961 for the year that ended in August.
As a percentage of overall housing closings, new home closings accounted for 10.6%. This is down from the 12.0% of closings a year earlier. After staying stable in August from a year earlier, closings of new and existing homes rose in September.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year in September to $294,372 per unit, a rise of 28.1%. This boost is an improvement over the 25.0% surge in August year-over-year.
For newly sold homes, the average mortgage size saw a hike year-over-year along with new home prices. In September 2013, there was a 29.1% gain in the average mortgage size, reaching $256,981. Average mortgage size grew 22.4% in August 2013 from a year earlier.