New Home Closings and Prices in Brownsville Decline According to Newest Figures
Posted on: May 06, 2013 07:05:04 AM
Closings of new homes in the Brownsville, TX market sank year-over-year in January, and the decline was by a larger percentage than the December 2012. New home closings moved from 17 a year earlier to five after the figure moved from 27 in December 2011 to 24 in December 2012.
A total of 207 new homes were sold during the 12 months that ended in January, down from 219 for the year that ended in December.
New home closings were five out of the 295 total closings, down on a percentage basis from 17 of 404 a year earlier. Following a year-over-year rise in December, closings of new and existing homes slid year-over-year in January.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2013 was $142,252, down from last year's $150,004. This followed a 29.8% decline in December from a year earlier.
Average mortgage size on new homes went from $130,720 a year earlier to $134,048. Average mortgage size fell 23.2% in December 2012 from a year earlier. The overall percentage of sale price that was being financed increased 7.1 percentage points year-over-year to 94.2% in January 2013.