Latest Figures Show New Home Prices Climb, Sales Decline in Odessa
Posted on: Apr 06, 2014 07:30:48 AM
The Odessa, TX market saw a drop in new home closings year-over-year in January, moving south after a surge in December 2013. New home closings saw a drop of 6.7% from the year earlier to 28. This came after a 20.0% boost year-over-year in December.
A total of 399 new homes were sold during the 12 months that ended in January, down from 401 for the year that ended in December.
Out of all housing closings, new home closings made up 18.7%. This is an increase on a percentage basis, as new home closings were 16.6% of total closings a year ago. Following a year-over-year increase in December, closings of new and existing homes dropped year-over-year in January.
Pricing and Mortgage Trends
In January, the average value of new homes saw a 15.7% rise year-over-year as it grew to $213,063 per unit. This bump is smaller than the 25.0% lift in December year-over-year.
Average mortgage size on new homes grew year-over-year along with new home prices. In January 2014, the average mortgage size on newly sold homes saw a 18.8% hike from a year earlier. Average mortgage size jumped 24.6% in December 2013 from a year earlier.