Latest Numbers For Waco Show New Home Closings and Prices Increase
Posted on: May 06, 2013 07:38:42 AM
In the Waco, TX market, new home closings gained year-over-year in February, moving up after a decline in January 2013. Closings increased 25.0% from a year earlier to 20, relative to a 15.8% drop in January from the year earlier.
A total of 291 new homes were sold during the 12 months that ended in February, up from 287 for the year that ended in January.
Of 281 total closings, 20 were of new homes. This is an increase on a percentage basis, as new home closings were 4.5% of total closings a year ago. Closings of new and existing homes dropped year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year in February to $206,239 per unit, a rise of 5.7%. This rise is smaller than the 7.0% rise in January year-over-year.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. In February 2013, there was a 5.0% decline in the average mortgage size on new homes to $176,450. In January 2013, average mortgage size on newly sold homes saw a 8.0% decline from a year earlier. The overall percentage of sale price that was being financed slipped 9.6 percentage points year-over-year to 85.6% in February 2013.