Latest Figures Show New Home Sales Climb in Lubbock, Prices Drop
Posted on: Dec 06, 2013 07:28:02 AM
The Lubbock, TX market saw a rise in new home closings in September year-over-year, and there were signs that the market may be improving as the percentage rise was better than August 2013. New home closings saw a climb of 78.3% from the year earlier to 41. This came on the heels of a 54.5% jump year-over-year in August.
A total of 474 new homes were sold during the 12 months that ended in September, up from 456 for the year that ended in August.
New home closings made up 7.2% of overall housing closings. This is a gain from 4.6% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also climbed year-over-year in September.
Pricing and Mortgage Trends
Average price of newly sold homes had a 10.9% fall year-over-year to $216,939 per unit in September. This drop compares to a 29.6% hike in August year-over-year.
For newly sold homes, the average mortgage size saw a drop year-over-year in contrast to new home prices. It slid 13.0% in September from a year earlier, reaching $184,392. Average mortgage size increased 23.0% in August 2013 from a year earlier.