Freshest Numbers For Fort Worth Show New Home Closings and Prices Increase
Posted on: May 06, 2013 07:08:50 AM
There was an increase in closings of new homes in the Fort Worth, TX market in February year-over-year, but the percentage boost was less than January 2013, suggesting the market may be leveling. New home closings saw a rise of 12.6% from the year earlier to 1,097 after closings rose 20.5% in January from the year earlier.
A total of 14,648 new homes were sold during the 12 months that ended in February, up from 14,525 for the year that ended in January.
New home closings made up 12.2% of overall housing closings. This is a rise from 10.9% of closings a year earlier. For new and existing homes, closings rose year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
In February, the average price of newly sold homes increased year-over-year to $265,666 per unit, a 8.4% rise. This rise is an improvement over the 6.6% rise in January year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. Average mortgage size increased 6.5% to $230,285 in February from a year earlier. In January 2013, average mortgage size rose 4.7% from a year earlier. For new home closings, the percentage of the sale price that was being financed dipped 1.6 percentage points year-over-year to 86.7% in February 2013.