New Home Sales Gain in McAllen, Prices Decrease According to Latest Data
Posted on: Jul 06, 2014 07:23:03 AM
The McAllen, TX market saw a rise in new home closings in April year-over-year, recovering from a drop in March 2014. There was a 65.1% hike in new home closings from a year earlier. This was after the housing market saw a 24.1% decline year-over-year in March.
A total of 641 new homes were sold during the 12 months that ended in April, up from 613 for the year that ended in March.
As a percentage of overall housing closings, new home closings made up 8.9%. This is a lift from 5.9% of closings a year earlier. For new and existing homes, closings increased year-over-year in April after also increasing in March year-over-year.
Pricing and Mortgage Trends
In April, the average price for new home closings was $156,465, a 23.9% decline from last year. This fall compares to a 4.4% rise in March year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. In April 2014, there was a 21.6% fall in the average mortgage size on new homes to $141,392. Average mortgage size jumped 6.3% in March 2014 from a year earlier.