New Home Sales Increase in Laredo, Prices Fall According to Recent Data
Posted on: May 06, 2013 07:20:01 AM
New home closings rose year-over-year in January in the Laredo, TX market, but the percentage rise was less pronounced than December 2012, indicating the market may be leveling out. New home closings saw a 5.9% rise from a year earlier to 36. This came after a 6.7% rise year-over-year in December.
A total of 493 new homes were sold during the 12 months that ended in January, up from 491 for the year that ended in December.
Out of all housing closings, new home closings made up 17.9%. This is better than the 15.7% of closings a year earlier. After rising year-over-year in December, closings of new and existing homes fell year-over-year in January.
Pricing and Mortgage Trends
Average price of newly sold homes had an 8.8% decline year-over-year to $174,359 per unit in January. This is a swing down from a 4.8% rise in December year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. It declined 4.8% in January from a year earlier to $171,625. In December 2012, average mortgage size increased 5.8% from a year earlier. For new home closings, the average percentage of the price being financed rose 4.2 percentage points from a year earlier. It moved from 94.8% in December 2011 to 95.6% in January 2012.