Freshest Numbers For Laredo Show New Home Closings and Prices Climb
Posted on: Dec 06, 2013 07:25:46 AM
The Laredo, TX market saw an increase in closings of new homes in August year-over-year, but the percentage rise was less pronounced than July 2013, indicating the market may be leveling out. New home closings saw a boost of 24.4% from the year earlier to 56. This came after a 35.1% jump year-over-year in July.
A total of 529 new homes were sold during the 12 months that ended in August, up from 518 for the year that ended in July.
New home closings represented 22.1% of overall housing closings. This is a hike from 11.4% of closings a year earlier. Following a year-over-year decline in July, closings of new and existing homes also declined year-over-year in August.
Pricing and Mortgage Trends
In August, the average price of newly sold homes climbed year-over-year to $194,432 per unit, a 14.7% lift. This bump is higher than the 1.6% surge in July year-over-year.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. In August 2013, the average mortgage size was $180,473, a 10.3% lift from a year earlier. In July 2013, average mortgage size on newly sold homes saw a 4.1% surge year-over-year from a year earlier.