Recent Figures Show New Home Prices Rise, Sales Decrease in McAllen
Posted on: May 06, 2013 07:23:03 AM
In the McAllen, TX market, new home closings declined year-over-year in February, and the percentage fall was steeper than January 2013. Closings slumped 66.7% from a year earlier to 18, relative to a 28.3% decline in January from the year earlier.
A total of 477 new homes were sold during the 12 months that ended in February, down from 513 for the year that ended in January.
Out of all housing closings, new home closings made up 4.5%, less than the 6.5% of closings a year earlier. Closings of new and existing homes fell year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased 16.7% year-over-year in February to $204,240 per unit. This is a swing north from the 5.7% decline in January from a year earlier.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It gained 19.0% in February from a year earlier to $181,157. In January 2013, average mortgage size on newly sold homes saw a 6.8% decline from a year earlier. Of the overall sale price, the percentage that was being financed rose 1.7 percentage points year-over-year to 88.7% in February 2013. In January 2013, there was a 1.0 percentage point decline in January from a year earlier.