Newest Figures Show New Home Prices Gain, Sales Drop in Corpus Christi
Posted on: May 06, 2013 07:08:34 AM
In February, there was a decline year-over-year in new home closings in the Corpus Christi, TX market, drawing a downward slope off of a rise in January 2013. There was a 45.5% fall in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 2.9% rise year-over-year in January.
A total of 576 new homes were sold during the 12 months that ended in February, down from 601 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 9.3% of overall housing closings. A year ago, 8.7% of total closings were new home closings. After rising year-over-year in January, closings of new and existing homes declined year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 13.9% in February to $225,382 per unit. This hike is an improvement over the 13.8% gain in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. It rose 8.7% in February from a year earlier to $195,998. In January 2013, average mortgage size on newly sold homes saw a 28.1% bump year-over-year from a year earlier. The overall percentage of sale price that was being financed dipped 4.1 percentage points year-over-year to 87.0% in February 2013. This came after a 9.9 percentage point rise in January from a year earlier.