Prices of New Homes Gain in Odessa, Sales Steady According to Freshest Figures
Posted on: May 06, 2013 07:26:46 AM
Closings of new homes in the Odessa, TX market remained steady year-over-year in February, leveling out after a year-over-year bump in January. Closings of new homes stayed the same from a year earlier at 19 after the figure saw a 40.0% hike in January year-over-year.
A total of 262 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
As a percentage of overall housing closings, new home closings accounted for 13.3% of overall housing closings. New home closings were 13.8% of overall closings last year. For new and existing homes, closings rose year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
In February, the average price of newly sold homes grew year-over-year to $175,101 per unit, a 11.6% rise. This gain is an improvement over the 8.8% rise in January year-over-year.
The average mortgage size on newly sold homes gained year-over-year along with the average price of new homes. In February 2013, the average mortgage size was $162,295, up 11.9% from a year earlier. In January 2013, average mortgage size on newly sold homes saw a 4.6% rise year-over-year from a year earlier. The overall percentage of sale price that was being financed went from 92.4% of average price to 92.7% from a year earlier. This came after a 3.7 percentage point decline in January from the year earlier.
Prices of New Homes Gain in Odessa, Sales Steady According to Freshest Figures
Posted on: May 06, 2013 07:26:46 AM
Closings of new homes in the Odessa, TX market remained steady year-over-year in February, leveling out after a year-over-year bump in January. Closings of new homes stayed the same from a year earlier at 19 after the figure saw a 40.0% hike in January year-over-year.
A total of 262 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
As a percentage of overall housing closings, new home closings accounted for 13.3% of overall housing closings. New home closings were 13.8% of overall closings last year. For new and existing homes, closings rose year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
In February, the average price of newly sold homes grew year-over-year to $175,101 per unit, a 11.6% rise. This gain is an improvement over the 8.8% rise in January year-over-year.
The average mortgage size on newly sold homes gained year-over-year along with the average price of new homes. In February 2013, the average mortgage size was $162,295, up 11.9% from a year earlier. In January 2013, average mortgage size on newly sold homes saw a 4.6% rise year-over-year from a year earlier. The overall percentage of sale price that was being financed went from 92.4% of average price to 92.7% from a year earlier. This came after a 3.7 percentage point decline in January from the year earlier.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2013. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Together, foreclosures plus REO closings made up 30.6% of existing home closings. In February 2012, they represented 21.8%. The percentage of existing home closings involving foreclosures rose to 11.3% in February from 9.2% a year earlier while REO closings as a percentage of existing home closings increased to 19.4% from 12.6%.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Odessa, TX area.
Source: Housing Intelligence