Lubbock, TX - Local Housing Data - Summary

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Lubbock, TX

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Lubbock, TX Local News

  • Lubbock, TX - December 2013 - New Home Closings Swing Upward

    New home sales rose year-over-year in Lubbock, TX in December. Average prices of new homes moved up, rising 8.6%. Average prices of new and existing homes dropped 31.9%. The percentage of new home closings belonging to single family homes rose, climbing 2.8% percentage points. Foreclosures as a...

  • Lubbock, TX - November 2013 - New Home Closings Stay Level

    New home sales remained level from a year ago in Lubbock, TX in November. Foreclosures as a percentage of existing home closings dropped, falling 1.5% percentage points. Real Estate Owned (REO) closings as a percentage of existing home closings rose, climbing 1.9% percentage points. Mortgage amounts...

  • Lubbock, TX - September 2013 - New Home Closings Figures Signal Market Rise Strengthening

    New home sales rose in Lubbock, TX in September. Average prices of new and existing homes moved up, rising 3.0%. The percentage of new home closings belonging to attached homes rose, climbing 7.3% percentage points. Mortgage amounts on new homes dropped 13.0%. The percentage of new home closings...

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.


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