Newest Figures Show New Home Prices Climb, Sales Decrease in Odessa
Posted on: Aug 08, 2014 11:40:04 AM
New home closings in the Odessa, TX market declined year-over-year in May, and the decline was by a larger percentage than the April 2014. New home closings moved from 28 a year earlier to 6 after the figure moved from 32 in April 2013 to 9 in April 2014.
A total of 228 new homes were sold during the 12 months that ended in May, down from 250 for the year that ended in April.
Last year, 28 of 208 total closings were new homes, and this percentage saw a decline as new home closings this year made up 6 of the 190 total closings. Closings of new and existing homes slid year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average new home price was $282,594, up from $211,296 a year earlier. This came after a 34.3% boost in April year-over-year.
Average mortgage size on new homes rose from $188,743 to $241,954. Average mortgage size on new homes went from $178,392 in April 2013 to $219,698 in April 2014.