Recent Numbers Show Prices of New Homes Climb in El Paso, Sales Fall
Posted on: Aug 08, 2014 11:19:33 AM
In the El Paso, TX market, closings of new homes dropped year-over-year in May, but the percentage drop was not as steep as April 2014, suggesting that the market may be evening out. Closings fell 85.4% from a year earlier to 15. In comparison, new home closings in the same month last year saw a 86.1% decline year-over-year in April.
A total of 394 new homes were sold during the 12 months that ended in May, down from 482 for the year that ended in April.
As a percentage of overall housing closings, new home closings made up 1.9%. This is down from the 12.1% of closings a year earlier. Closings of new and existing homes fell year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
In May, there was a 27.1% surge year-over-year in the average price of newly sold homes, reaching $209,622 per unit. This gain compares to a 8.2% decline in April from a year earlier.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. Average mortgage size increased 20.0% to $190,240 in May from a year earlier. Average mortgage size sank 17.9% in April 2014 from a year earlier.