Recent Figures Show New Home Sales and Prices Rise in McAllen
Posted on: Aug 08, 2014 11:35:16 AM
The McAllen, TX market saw an increase in closings of new homes in May year-over-year, rallying back from a fall in April 2014. Closings climbed 25.5% from a year earlier to 59. In comparison, new home closings in the same month last year saw a 20.9% fall year-over-year in April.
A total of 559 new homes were sold during the 12 months that ended in May, up from 547 for the year that ended in April.
Out of all housing closings, new home closings accounted for 7.7%. This is a hike from 6.1% of closings a year earlier. Closings of new and existing homes stayed level after increasing in April year-over-year.
Pricing and Mortgage Trends
In May, the average price of newly sold homes jumped year-over-year to $163,084 per unit, a 5.9% boost. This gain compares to a 20.3% drop in April from a year earlier.
For newly sold homes, average mortgage size moved from $149,361 in May 2013 to $148,587 in May 2014. In April 2014, average mortgage size on newly sold homes saw a 18.6% decline from a year earlier.