Newest Numbers For Lubbock Show New Home Closings and Prices Climb
Posted on: Jul 06, 2014 07:22:06 AM
New home closings in the Lubbock, TX market increased year-over-year in April, showing growth after remaining stable in March from the year earlier. New home closings saw a 21.9% climb from a year earlier to 39. Closings were level in March from the year earlier.
A total of 508 new homes were sold during the 12 months that ended in April, up from 501 for the year that ended in March.
Of 580 total closings, 39 were of new homes. This is a hike from 5.3% of closings a year earlier. For new and existing homes, closings slid in April after also declining in March year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 18.2% surge year-over-year in April to $232,787 per unit. This lift follows a move from $229,131 per unit to $228,751 from March 2013 to March 2014.
For newly sold homes, the average mortgage size saw a hike year-over-year along with new home prices. In April 2014, the average mortgage size was $198,912, a 14.0% surge from a year earlier. In March 2014, average mortgage size on newly sold homes saw a 3.4% fall from a year earlier.