New Home Closings and Prices in Beaumont Climb According to Freshest Figures
Posted on: Aug 08, 2014 11:09:19 AM
The Beaumont, TX market saw a rise in new home closings in May year-over-year, rebounding from a year-over-year decline in April 2014. New home closings moved from 18 a year earlier to 19 after the figure moved from 16 in April 2013 to 10 in April 2014.
A total of 166 new homes were sold during the 12 months that ended in May, up from 165 for the year that ended in April.
As a percentage of overall housing closings, new home closings made up 3.2% of overall housing closings. A year ago, new home closings accounted for 2.9%. 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 jumped year-over-year 3.1% in May to $208,571 per unit. This gain is smaller than the 42.4% lift in April year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In May 2014, the average mortgage size was $174,771, up 7.0% from a year earlier. Average mortgage size on new homes went from $144,957 in April 2013 to $208,194 in April 2014.