New Home Sales and Prices Both Gain in Odessa According to Newest Data
Posted on: Mar 06, 2014 07:30:58 AM
There was a rise in new home closings in the Odessa, TX market in December year-over-year, moving north after a drop in November 2013. There was a 20.0% boost in new home closings from a year earlier. This came after a 15.6% decline year-over-year in November.
A total of 401 new homes were sold during the 12 months that ended in December, up from 396 for the year that ended in November.
Out of all housing closings, new home closings made up 17.0%. New home closings were 16.7% of overall closings last year. Following a decline in November year-over-year, closings of new and existing homes increased year-over-year in December.
Pricing and Mortgage Trends
In December, the average price of newly sold homes gained 25.0% year-over-year to $221,125 per unit. This bump is better than the 19.0% rise in November year-over-year.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. In December 2013, the average mortgage size on newly sold homes saw a 24.6% rise from a year earlier. In November 2013, average mortgage size on newly sold homes saw a 19.6% surge year-over-year from a year earlier.