Midland, TX - Local Housing Data - Summary

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Midland, TX Local News

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.

 
 
 

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