New Home Closings in College Station Climb, Prices Drop According to Freshest Figures
Posted on: Apr 06, 2014 07:09:04 AM
The College Station, TX market saw a rise in new home closings in January year-over-year, but the increased on a percentage basis less sharlpy than December 2013, showing signs of market stabilization. New home closings saw a 36.8% hike from a year earlier to 26. This came on the heels of a more than twofold boost year-over-year in December.
A total of 485 new homes were sold during the 12 months that ended in January, up from 478 for the year that ended in December.
New home closings made up 11.6% of overall housing closings. This is an increase on a percentage basis, as new home closings were 7.8% of total closings a year ago. After rising year-over-year in December, closings of new and existing homes sank year-over-year in January.
Pricing and Mortgage Trends
The average price of newly sold homes declined 18.7% year-over-year in January to $193,804 per unit. This fall is a drop off from the 22.6% drop in December from a year earlier.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. The average mortgage size sank to $165,790 in January, marking a 17.1% decline compared with last year. In December 2013, average mortgage size on newly sold homes saw a 23.6% decline from a year earlier.