New Home Closings and Prices in Lubbock Rise According to Recent Figures
Posted on: Apr 06, 2014 07:25:01 AM
Closings of new homes in the Lubbock, TX market climbed year-over-year in January, and there were signals that the market may be gaining momentum as the percentage boost proved better than December 2013. New home closings saw a jump of 20.0% from the year earlier to 42. In comparison, new home closings in the same month last year saw a 11.1% hike year-over-year in December.
A total of 501 new homes were sold during the 12 months that ended in January, up from 494 for the year that ended in December.
As a percentage of overall housing closings, new home closings made up 13.0%. This is an increase on a percentage basis, as new home closings were 7.8% of total closings a year ago. Closings of new and existing homes sank year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 12.9% in January to $226,301 per unit. This boost is an improvement over the 8.6% bump in December year-over-year.
For newly sold homes, the average mortgage size saw a rise year-over-year along with new home prices. Average mortgage size jumped 6.3% to $191,337 in January from a year earlier. In December 2013, average mortgage size on newly sold homes saw a 5.6% hike year-over-year from a year earlier.