New Home Closings in McAllen Increase, Prices Fall According to Freshest Figures
Posted on: Dec 06, 2013 07:29:24 AM
There was an increase in new home closings in the McAllen, TX market in September year-over-year, and there were signals that the market may be gaining momentum as the percentage surge proved better than August 2013. New home closings saw a hike of more than twofold from the year earlier to 51. In comparison, new home closings in the same month last year saw a 12.5% climb year-over-year in August.
A total of 532 new homes were sold during the 12 months that ended in September, up from 502 for the year that ended in August.
Of 681 total closings, 51 were of new homes. This is a surge from 3.3% of closings a year earlier. After dropping in August from a year earlier, closings of new and existing homes climbed year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes declined 11.2% year-over-year in September to $164,275 per unit. This decline is larger than the 6.5% fall in August from a year earlier.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. It fell 12.4% in September from a year earlier to $147,875. In August 2013, average mortgage size slid 4.9% from a year earlier.