New Home Sales and Prices Both Rise in Houston According to Newest Data
Posted on: Apr 06, 2014 07:18:38 AM
New home closings grew year-over-year in January in the Houston, TX market, but signs of market leveling were showing as the percentage gain was less than December 2013. New home closings saw a 2.7% climb from a year earlier to 1,294. This came after a 12.9% hike year-over-year in December.
A total of 23,558 new homes were sold during the 12 months that ended in January, up from 23,524 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 16.9% of overall housing closings. As a part of the whole, new home closings were 16.0% a year earlier. After rising year-over-year in December, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year 13.1% in January to $291,490 per unit. This hike is higher than the 11.3% surge in December year-over-year.
For newly sold homes, the average mortgage size saw a lift year-over-year along with new home prices. It climbed 10.3% in January from a year earlier to $249,869. In December 2013, average mortgage size on newly sold homes saw a 9.6% hike year-over-year from a year earlier.