New Home Sales and Prices Decline in Midland According to Latest Data
Posted on: Aug 08, 2014 11:36:21 AM
In the Midland, TX market, closings of new homes dropped year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 35 a year earlier to 5 after the figure moved from 46 in April 2013 to 2 in April 2014.
A total of 134 new homes were sold during the 12 months that ended in May, down from 164 for the year that ended in April.
New home closings were 10.4% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 5 of the 254 total closings. Following a year-over-year decline in April, closings of new and existing homes also slid year-over-year in May.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2014 was $247,194, down from last year's $269,243. This was on the heels of a 57.1% boost in April year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $239,086 to $224,250. Average mortgage size on new homes went from $223,145 in April 2013 to $346,690 in April 2014.