New Home Prices Climb, Sales Drop in Lubbock - August 2014
Posted on: Aug 09, 2014 07:01:20 AM
New home closings fell year-over-year in May in the Lubbock, TX market, but the decline was less than the year-over-year decline in April. New home closings moved from 27 a year earlier to 18 after the figure moved from 24 in April 2013 to 13 in April 2014.
A total of 248 new homes were sold during the 12 months that ended in May, down from 257 for the year that ended in April.
Out of all housing closings, new home closings represented 3.3%. A year earlier, new home closings represented 3.6% of total closings. Closings of new and existing homes sank year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes jumped year-over-year to $308,106 in May, up 30.9% from last year. This gain is smaller than the 42.2% lift in April year-over-year.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. The average mortgage size saw a 13.7% boost year-over-year to $258,276 in May. Average mortgage size on new homes went from $176,096 in April 2013 to $244,326 in April 2014.