Recent Numbers Show New Home Closings Climb in Midland, Prices Decline
Posted on: Apr 06, 2014 07:27:06 AM
In January, closings of new homes in the Midland, TX market increased year-over-year, and the percentage gain was an improvement from December 2013, suggesting the market may be gaining momentum. Closings rose more than twofold from a year earlier to 46. This came on the heels of a 40.5% jump year-over-year in December.
A total of 549 new homes were sold during the 12 months that ended in January, up from 525 for the year that ended in December.
Out of all housing closings, new home closings represented 18.9%. This is an increase on a percentage basis, as new home closings were 10.3% of total closings a year ago. After dropping in December from a year earlier, closings of new and existing homes climbed year-over-year in January.
Pricing and Mortgage Trends
In January, the average price of newly sold homes sank 6.3% year-over-year to $264,349 per unit. This fall is larger than the 1.5% decline in December from a year earlier.
For newly sold homes, the average mortgage size saw a drop year-over-year in contrast to new home prices. It fell to $231,645 in January, a 7.5% fall. In December 2013, average mortgage size on newly sold homes saw a 5.2% fall from a year earlier.