New Home Sales and Prices Both Rise in McAllen According to Freshest Data
Posted on: Apr 06, 2014 07:26:08 AM
New home closings in the McAllen, TX market rose year-over-year in January, recovering from a fall in December 2013. New home closings saw a 58.3% hike from a year earlier to 38. This came after a 8.8% decline year-over-year in December.
A total of 594 new homes were sold during the 12 months that ended in January, up from 580 for the year that ended in December.
As a percentage of overall housing closings, new home closings made up 6.7%. This is an increase on a percentage basis, as new home closings were 4.4% of total closings a year ago. Following a year-over-year increase in December, closings of new and existing homes also rose year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year 14.1% in January to $164,850 per unit. This boost compares to a 1.0% drop in December from a year earlier.
There was a surge year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size rose to $152,720 in January, marking a 13.6% boost compared with a year earlier. It went from $148,597 to $149,431 from December 2012 to December 2013.