Amarillo mortgages bustling

AMARILLO – Heading into fourth quarter 2012, the housing market in the Amarillo and Canyon area is posting moderate growth.

Home sales through August were up 5.9 percent to 1,819. That compares with 1,718 sales, year over year, according to Greg Glenn, a broker with Prudential Ada Realtors.

The average sales price, through August, rose 7.9 percent to $159,148, compared with the same period a year ago. Buyers are taking advantage of low mortgage rates and relaxing credit restrictions.

Mortgage departments at Amarillo banks are bustling. Two-thirds of the activity is coming from applicants for new mortgages, with the rest from those taking advantage of lower rates to refinance debt, according to Patrick Ware, vice president of Amarillo National Bank.

Through August 2012, the City of Amarillo has issued 345 permits for single-family homes with a combined construction value of $85.7 million.

Those numbers compare with 391 single-family permits valued at $90.5 million in the first ten months of 2011.