Prices of New Homes Climb in El Paso, Sales Drop According to Newest Data
Posted on: Jul 06, 2014 07:10:57 AM
The El Paso, TX market saw a drop in new home closings year-over-year in April, but the drop in percentage terms was not as steep as March 2014, signaling that the market may be leveling out. New home closings saw a 6.3% fall from a year earlier to 192. This followed a 12.5% fall year-over-year in March.
A total of 2,198 new homes were sold during the 12 months that ended in April, down from 2,211 for the year that ended in March.
New home closings represented 20.9% of overall housing closings. This is down from the 23.2% of closings a year earlier. New and existing home closings grew in April after a remaining level in March from a year earlier.
Pricing and Mortgage Trends
For newly sold homes, the average price gained 10.8% year-over-year in April to $178,678 per unit. This boost is an improvement over the 7.4% rise in March year-over-year.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. The average mortgage size saw a 6.2% lift year-over-year to $165,616 in April. In March 2014, average mortgage size rose 5.3% from a year earlier.