Newest Figures Show New Home Sales and Prices Decrease in Tyler
Posted on: Aug 08, 2014 11:54:12 AM
Closings of new homes in the Tyler, TX market fell year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 7 a year earlier to 3 after the figure moved from 10 in April 2013 to 2 in April 2014.
A total of 73 new homes were sold during the 12 months that ended in May, down from 77 for the year that ended in April.
On a percentage basis, new home closings as a part of total closings decreased to 0.9% from 2.1% a year earlier. After rising year-over-year in April, closings of new and existing homes fell year-over-year in May.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2014 was $162,319, down from last year's $188,083. This followed a 11.5% surge in April year-over-year.
There was a decline in average mortgage size on new homes, going from $168,627 last year to $142,769 in May 2014. Average mortgage size on new homes went from $148,729 in April 2013 to $145,838 in April 2014.