Prices of New Homes Increase in Laredo, Sales Fall According to Freshest Data
Posted on: Aug 08, 2014 11:31:34 AM
The Laredo, TX market saw a drop in new home closings year-over-year in April, but there were signs of market improvement with a percentage fall less steep than in March 2014. Closings declined 16.2% from a year earlier to 31. This followed a 18.9% drop year-over-year in March.
A total of 403 new homes were sold during the 12 months that ended in April, down from 409 for the year that ended in March.
As a percentage of overall housing closings, new home closings accounted for 10.1%. This is down from the 12.8% of closings a year earlier. Closings of new and existing homes jumped year-over-year in April following a decline in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes climbed year-over-year to $189,700 per unit, a 6.7% bump. This hike is smaller than the 31.4% surge in March year-over-year.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. In April 2014, the average mortgage size was $174,272, up 4.4% from a year earlier. In March 2014, average mortgage size on newly sold homes saw a 26.2% bump year-over-year from a year earlier.