New Home Closings and Prices in Brownsville Gain According to Freshest Figures
Posted on: Dec 06, 2013 07:06:48 AM
There was a rise in new home closings in the Brownsville, TX market in August year-over-year, but the market seemed to be suggesting at stabilizing with a percentage hike less pronounced than July 2013. New home closings saw a boost of 10.5% from the year earlier to 21. In comparison, new home closings in the same month last year saw a 33.3% rise year-over-year in July.
A total of 198 new homes were sold during the 12 months that ended in August, up from 196 for the year that ended in July.
As a percentage of overall housing closings, new home closings accounted for 4.7% of overall housing closings. A year earlier, new home closings made up 3.9% of total closings. After remaining steady in July from a year earlier, closings of new and existing homes sank year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 18.4% in August to $144,531 per unit. This rise compares to a 7.3% decline in July from a year earlier.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. In August 2013, the average mortgage size was $138,066, a 26.7% bump from a year earlier. In July 2013, average mortgage size increased 10.3% from a year earlier.