Prices of New Homes Climb in Odessa, Sales Fall According to Latest Data
Posted on: Jul 06, 2014 07:26:43 AM
New home closings slid year-over-year in April in the Odessa, TX market, swinging downward off a year-over-year hike in March 2014. New home closings saw a 15.8% drop from a year earlier to 32. This followed a 36.0% hike year-over-year in March.
A total of 410 new homes were sold during the 12 months that ended in April, down from 416 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 15.9% of overall housing closings. A year ago, 16.7% of total closings were new home closings. For new and existing homes, closings slid in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year 20.7% in April to $223,472 per unit. This boost is higher than the 1.8% lift in March year-over-year.
For newly sold homes, the average mortgage size saw a surge year-over-year along with new home prices. In April 2014, the average mortgage size was $202,759, a 15.3% bump from a year earlier. Average mortgage size declined 1.2% in March 2014 from a year earlier.