New Home Prices Rise in Midland According to Recent Figures, Sales Decrease
Posted on: May 06, 2013 07:23:51 AM
In February, the Midland, TX market saw a drop year-over-year in new home closings, and the percentage fall was steeper than January 2013. New home closings saw a 48.5% decline from a year earlier to 17 after closings declined 12.0% in January from the year earlier.
A total of 430 new homes were sold during the 12 months that ended in February, down from 446 for the year that ended in January.
New home closings made up 11.0% of overall housing closings. This marks a rise from 9.3% of total closings a year earlier. After rising year-over-year in January, closings of new and existing homes sank year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes increased year-over-year to $315,718 in February, up 26.6% from last year. This boost is an improvement over the 7.1% rise in January year-over-year.
There was a lift year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size rose to $271,573 in February, marking a 19.3% rise compared with a year earlier. In January 2013, average mortgage size rose 6.5% from a year earlier. From a year earlier, the percentage of new home sale price being financed saw a 5.3 percentage point decline. It moved from 89.2% in January 2012 to 88.7% in January 2013.