Newest Figures Show New Home Prices Increase, Sales Fall in Bakersfield
Posted on: Aug 08, 2014 11:08:39 AM
New home closings sank year-over-year in May in the Bakersfield, CA market, but the fall in percentage terms was not as steep as April 2014, signaling that the market may be stabilizing. New home closings saw a 3.1% drop from a year earlier to 126. This followed a 19.5% drop year-over-year in April.
A total of 1,424 new homes were sold during the 12 months that ended in May, down from 1,428 for the year that ended in April.
As a percentage of overall housing closings, new home closings represented 9.9% of overall housing closings. A year earlier, new home closings represented 9.3% of total closings. Closings of new and existing homes slid year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price rose 20.4% year-over-year in May to $305,465 per unit. This lift is better than the 9.9% boost in April year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. The average mortgage size rose to $266,972 in May, marking a 11.9% boost compared with a year earlier. Average mortgage size climbed 10.3% in April 2014 from a year earlier.