New Home Closings and Prices in Killeen Climb According to Latest Figures
Posted on: May 06, 2013 07:18:39 AM
The Killeen, TX market saw a rise in new home closings in February year-over-year, rising after a decline in January 2013. Closings increased 4.4% from a year earlier to 95, relative to a 7.6% decline in January from the year earlier.
A total of 1,402 new homes were sold during the 12 months that ended in February, up from 1,398 for the year that ended in January.
New home closings accounted for 19.3% of overall housing closings. This marks a rise from 17.2% of total closings a year earlier. For new and existing homes, closings slipped in February after also declining in January year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 4.5% rise year-over-year to $185,637 per unit in February. This rise is smaller than the 9.7% rise in January year-over-year.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. The average mortgage size saw a 5.6% rise year-over-year to $185,366 in February. In January 2013, average mortgage size on newly sold homes saw a 9.1% rise year-over-year from a year earlier. On average, the percentage of new home sale price being financed saw a 1.0 percentage point rise from a year earlier. It went from 98.2% in January 2012 to 97.7% in January 2013.
New Home Closings and Prices in Killeen Climb According to Latest Figures
Posted on: May 06, 2013 07:18:39 AM
The Killeen, TX market saw a rise in new home closings in February year-over-year, rising after a decline in January 2013. Closings increased 4.4% from a year earlier to 95, relative to a 7.6% decline in January from the year earlier.
A total of 1,402 new homes were sold during the 12 months that ended in February, up from 1,398 for the year that ended in January.
New home closings accounted for 19.3% of overall housing closings. This marks a rise from 17.2% of total closings a year earlier. For new and existing homes, closings slipped in February after also declining in January year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 4.5% rise year-over-year to $185,637 per unit in February. This rise is smaller than the 9.7% rise in January year-over-year.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. The average mortgage size saw a 5.6% rise year-over-year to $185,366 in February. In January 2013, average mortgage size on newly sold homes saw a 9.1% rise year-over-year from a year earlier. On average, the percentage of new home sale price being financed saw a 1.0 percentage point rise from a year earlier. It went from 98.2% in January 2012 to 97.7% in January 2013.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings jumped from 98.9% of new closings in February 2012 to all of closings in February 2013. Conversely, the share of new home closings belonging to attached units dropped to no part of closings from 1.1% of closings.
Foreclosures and real estate owned (REO) closings remained a drag on the market. Combined, foreclosures plus REO closings made up 38.9% of existing home closings. In February 2012, they represented 33.2%. The percentage of existing home closings involving foreclosures stayed at 20.4% of closings in February from a year earlier while REO closings as a percentage of existing home closings rose to 18.6% from 12.8%.
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Source: Housing Intelligence