Freshest Numbers For Houston Show New Home Closings and Prices Climb
Posted on: Jul 06, 2014 07:16:11 AM
New home closings in the Houston, TX market grew year-over-year in April, but the percentage hike was less than March 2014, suggesting the market may be leveling. New home closings saw a hike of 1.2% from the year earlier to 1,906. This came on the heels of a 6.8% jump year-over-year in March.
A total of 23,908 new homes were sold during the 12 months that ended in April, up from 23,886 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 17.0% of overall housing closings. As a part of the whole, new home closings were 16.5% a year earlier. Closings of new and existing homes saw a decline year-over-year in April after remaining steady in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes grew year-over-year to $299,406 per unit, a 9.1% bump. This hike is smaller than the 14.1% lift in March year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. The average mortgage size rose to $256,748 in April, marking a 8.4% surge compared with a year earlier. In March 2014, average mortgage size on newly sold homes saw a 12.5% hike year-over-year from a year earlier.