Recent Figures Show New Home Sales and Prices Rise in Houston
Posted on: Mar 06, 2014 07:18:54 AM
In December, closings of new homes in the Houston, TX market rose year-over-year, and the percentage rise was greater than November 2013, giving hints of improving market conditions. Closings gained 12.2% from a year earlier to 2,350. In comparison, new home closings in the same month last year saw a 1.5% jump year-over-year in November.
A total of 23,157 new homes were sold during the 12 months that ended in December, up from 22,902 for the year that ended in November.
Out of all housing closings, new home closings made up 21.5%. This marks a rise from 19.7% of total closings a year earlier. Following a drop in November year-over-year, closings of new and existing homes grew year-over-year in December.
Pricing and Mortgage Trends
In December, the average value of new homes saw a 11.4% surge year-over-year as it grew to $302,686 per unit. This bump is higher than the 10.7% rise in November year-over-year.
There was a lift year-over-year in the average mortgage size on new homes along with new home prices. It rose to $258,797 in December, a 9.7% bump. In November 2013, average mortgage size on newly sold homes saw a 10.0% boost year-over-year from a year earlier.