New Home Closings and Prices in Midland Rise According to Latest Figures
Posted on: Dec 06, 2013 07:30:28 AM
Closings of new homes in the Midland, TX market grew year-over-year in September, and the percentage hike was greater than August 2013, giving hints of improving market conditions. There was a 54.8% climb in new home closings from a year earlier. This followed a 11.9% hike year-over-year in August.
A total of 486 new homes were sold during the 12 months that ended in September, up from 469 for the year that ended in August.
Out of all housing closings, new home closings made up 16.1%. This is a rise from 10.7% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also climbed year-over-year in September.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 29.8% gain year-over-year in September to $294,969 per unit. This hike is better than the 13.1% rise in August year-over-year.
Average mortgage size on new homes jumped year-over-year along with new home prices. The average mortgage size saw a 23.1% lift year-over-year to $255,303 in September. Average mortgage size rose 11.8% in August 2013 from a year earlier.