Newest Numbers Show New Home Closings Climb in Midland, Prices Fall
Posted on: Mar 06, 2014 07:27:30 AM
New home closings increased year-over-year in December in the Midland, TX market, and the market seemed to be suggesting bolstering with a percentage boost stronger than November 2013. New home closings saw a 40.5% jump from a year earlier to 52. This was after the housing market saw a 17.9% climb year-over-year in November.
A total of 527 new homes were sold during the 12 months that ended in December, up from 512 for the year that ended in November.
New home closings made up 19.6% of overall housing closings. This is better than the 13.4% of closings a year earlier. Closings of new and existing homes declined year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
In December, the average price for new home closings was $255,094, a 1.5% decline from last year. This fall compares to a 3.2% bump in November year-over-year.
For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. It fell to $219,021 in December, a 5.2% drop. Average mortgage size went from $248,133 in November 2012 to $247,449 in November 2013.