New Home Sales and Prices Both Climb in Laredo According to Recent Data
Posted on: Jul 06, 2014 07:19:56 AM
In the Laredo, TX market, new home closings rose year-over-year in March, moving north after staying level in February from the year earlier. New home closings saw a hike of 27.5% from a year earlier to 51. Closings remained the same in February from the year earlier.
A total of 568 new homes were sold during the 12 months that ended in March, up from 557 for the year that ended in February.
As a percentage of overall housing closings, new home closings accounted for 19.1%. This is an increase on a percentage basis, as new home closings were 12.4% of total closings a year ago. Following a period of little movement in February from a year earlier, closings of new and existing homes fell year-over-year in March.
Pricing and Mortgage Trends
In March, the average price of newly sold homes jumped 21.4% year-over-year to $209,039 per unit. This boost is an improvement over the 15.2% rise in February year-over-year.
The average mortgage size on newly sold homes saw a boost year-over-year along with new home prices. The average mortgage size rose to $190,448 in March, marking a 15.8% bump compared with a year earlier. In February 2014, average mortgage size rose 8.4% from a year earlier.