New Home Prices Climb in Bakersfield According to Newest Figures, Sales Decline
Posted on: Jul 06, 2014 07:02:39 AM
The Bakersfield, CA market saw a drop in new home closings year-over-year in April, but the percentage fall was not as steep as March 2014, suggesting market improvement. New home closings saw a 18.8% drop from a year earlier to 108. This followed a 21.7% decline year-over-year in March.
A total of 1,437 new homes were sold during the 12 months that ended in April, down from 1,462 for the year that ended in March.
Out of all housing closings, new home closings made up 7.2%. This is a drop 8.4% of closings a year earlier. Following a period of little movement in March from a year earlier, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes climbed year-over-year to $272,686 in April, up 9.8% from last year. This gain is smaller than the 18.2% surge in March year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. Average mortgage size grew 10.1% to $249,715 in April from a year earlier. In March 2014, average mortgage size gained 15.0% from a year earlier.