Latest Numbers Show New Home Closings Climb in Victoria, Prices Decline
Posted on: Jul 06, 2014 07:38:08 AM
There was an increase in closings of new homes in the Victoria, TX market in March year-over-year, and the increase was greater than February 2014. New home closings moved from 2 a year earlier to 8 after the figure moved from 4 in February 2013 to 14 in February 2014.
A total of 109 new homes were sold during the 12 months that ended in March, up from 103 for the year that ended in February.
New home closings were 8 of the 179 total closings, up on a percentage basis from 2 of 146 a year earlier. Following a decline in February year-over-year, closings of new and existing homes climbed year-over-year in March.
Pricing and Mortgage Trends
The average value of newly sold homes in March 2014 was $240,683, down from last year's $319,423. This was on the heels of a 11.1% drop in February from a year earlier.
There was a decline in average mortgage size on new homes, going from $255,538 last year to $201,591 in March 2014. Average mortgage size on new homes went from $217,172 in February 2013 to $186,204 in February 2014.