Freshest Figures Show New Home Sales and Prices Climb in Midland
Posted on: Jul 06, 2014 07:23:50 AM
In the Midland, TX market in April, closings of new homes jumped year-over-year, but the increased on a percentage basis less sharlpy than March 2014, showing signs of market stabilization. There was a 10.4% climb in new home closings from a year earlier. This followed a 18.6% climb year-over-year in March.
A total of 601 new homes were sold during the 12 months that ended in April, up from 596 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 17.2%. This is a surge from 15.2% of closings a year earlier. For new and existing homes, closings declined in April after also declining in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes jumped 22.2% year-over-year to $304,773 per unit. This hike is smaller than the 23.2% rise in March year-over-year.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. In April 2014, the average mortgage size on newly sold homes saw a 16.0% lift from a year earlier. In March 2014, average mortgage size rose 19.0% from a year earlier.