Prices of New Homes Gain in Houston, Sales Decline According to Freshest Data
Posted on: Sep 11, 2014 07:15:14 AM
In the Houston, TX market, new home closings declined year-over-year in June, and the percentage decline, which was steeper than May 2014, gave hints that the market may be worsening. Closings slumped 21.6% from a year earlier to 1,560. This was after the housing market saw a 4.8% decline year-over-year in May.
A total of 21,846 new homes were sold during the 12 months that ended in June, down from 22,275 for the year that ended in May.
As a percentage of overall housing closings, new home closings represented 11.9%. This is down from the 15.5% of closings a year earlier. Following a decline in May year-over-year, closings of new and existing homes rose year-over-year in June.
Pricing and Mortgage Trends
The average price of newly sold homes grew year-over-year 5.9% in June to $292,923 per unit. This lift is smaller than the 6.4% rise in May year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 5.9% gain year-over-year to $252,855 in June. In May 2014, average mortgage size on newly sold homes saw a 6.1% lift year-over-year from a year earlier.