Prices of New Homes Increase in Las Vegas, Sales Drop - July 2014
Posted on: Jul 08, 2014 07:01:46 AM
In the Las Vegas, NV market, new home closings dropped year-over-year in April, and there were signals the market may be worsening with a percentage fall steeper than that of March 2014. Closings fell 39.3% from a year earlier to 388. This was after the housing market saw a 38.1% fall year-over-year in March.
A total of 6,162 new homes were sold during the 12 months that ended in April, down from 6,413 for the year that ended in March.
Out of all housing closings, new home closings represented 7.9%. This is down from the 10.9% of closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also fell year-over-year in April.
Pricing and Mortgage Trends
For newly sold homes, the average price rose 9.5% year-over-year in April to $314,871 per unit. This bump is smaller than the 21.6% boost in March year-over-year.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. The average mortgage size rose to $263,826 in April, marking a 12.7% rise compared with a year earlier. In March 2014, average mortgage size jumped 22.4% from a year earlier.