New Home Closings and Prices in College Station Rise According to Freshest Figures
Posted on: Aug 08, 2014 11:15:24 AM
There was an increase in new home closings in the College Station, TX market in May year-over-year, an upward turn from a decline in April 2014. There was a 20.8% boost in new home closings from a year earlier. This was after the housing market saw a 28.1% fall year-over-year in April.
A total of 225 new homes were sold during the 12 months that ended in May, up from 220 for the year that ended in April.
Of 460 total closings, 29 were of new homes. This is an increase on a percentage basis, as new home closings were 5.3% of total closings a year ago. Closings of new and existing homes stayed level after increasing in April year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price gained 13.8% year-over-year in May to $270,610 per unit. This boost is smaller than the 37.5% surge in April year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In May 2014, average mortgage size rose 13.0% from a year earlier to $236,045. In April 2014, average mortgage size on newly sold homes saw a 27.7% rise year-over-year from a year earlier.