Prices of New Homes Climb in Houston, Sales Decline According to Latest Data
Posted on: Aug 08, 2014 11:26:50 AM
In the Houston, TX market, closings of new homes fell year-over-year in May, and with a percentage drop steeper than April 2014, there were hints the market may be worsening. There was a 5.0% decline in new home closings from a year earlier. This was after the housing market saw a 4.6% decline year-over-year in April.
A total of 22,257 new homes were sold during the 12 months that ended in May, down from 22,356 for the year that ended in April.
New home closings accounted for 15.0% of overall housing closings. New home closings were 15.4% of overall closings last year. Closings of new and existing homes sank year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes gained year-over-year to $290,478 in May, up 6.8% from last year. This boost is higher than the 5.3% bump in April year-over-year.
There was a hike year-over-year in the average mortgage size on new homes along with new home prices. Average mortgage size grew 6.4% to $249,504 in May from a year earlier. Average mortgage size rose 5.0% in April 2014 from a year earlier.