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.
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.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have gained from last year while closings of single-family homes have fallen. Attached unit closings rose from no part of all closings in January 2012 to 2.8% of closings in January 2013. Conversely, the share belonging to single-family homes sank to 97.2% of closings from all of closings.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Combined, foreclosures plus REO closings accounted for 30.3% of existing home closings. They made up 37.4% in January 2012. The percentage of existing home closings involving foreclosures fell to 5.5% in January from 17.6% a year earlier while REO closings as a percentage of existing home closings increased to 24.8% from 19.8%.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Laredo, TX area.
Source: Housing Intelligence