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.