New Home Closings and Prices in Lubbock Gain According to Recent Figures
Posted on: May 06, 2013 07:22:06 AM
There was a rise in new home closings in the Lubbock, TX market in February year-over-year, and the percentage boost was greater than January 2013, giving hints of improving market conditions. Closings rose twofold from a year earlier to 34, relative to a 28.0% hike in January from the year earlier.
A total of 391 new homes were sold during the 12 months that ended in February, up from 374 for the year that ended in January.
New home closings accounted for 7.3% of overall housing closings. This is up from the 4.0% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes also rose year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes increased to $220,117 per unit, a 23.7% bump year-over-year. This is a turnaround from the 12.7% fall in January from a year earlier.
The average mortgage size on newly sold homes jumped year-over-year along with the average price of new homes. In February 2013, average mortgage size grew 26.3% from a year earlier to $203,281. In January 2013, average mortgage size fell 21.8% from a year earlier. For new home closings, the percentage of the sale price that was being financed increased 1.9 percentage points year-over-year to 92.4% in February 2013. This came after a 10.1 percentage point decline in January from a year earlier.