Newest Numbers Show Prices of New Homes Rise in El Paso, Sales Decline
Posted on: Apr 06, 2014 07:12:35 AM
In January, there was a fall year-over-year in new home closings in the El Paso, TX market, and the percentage decline was steeper than December 2013, giving suggestion the market may be worsening. New home closings saw a decline of 40.8% from the year earlier to 109. This was after the housing market saw a 21.4% decline year-over-year in December.
A total of 2,276 new homes were sold during the 12 months that ended in January, down from 2,351 for the year that ended in December.
As a percentage of overall housing closings, new home closings represented 17.8%. This is a fall 26.6% of closings a year earlier. For new and existing homes, closings dropped in January after also declining in December year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 10.1% surge year-over-year to $182,274 per unit in January. This bump is an improvement over the 4.2% boost in December year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. Average mortgage size climbed 5.7% to $166,941 in January from a year earlier. Average mortgage size went from $165,575 in December 2012 to $166,944 in December 2013.