Freshest Figures Show New Home Prices Gain, Sales Decrease in Bakersfield
Posted on: Apr 06, 2014 07:03:07 AM
New home closings in the Bakersfield, CA market dropped year-over-year in January, but compared with December 2013, the percentage fall was less steep, hinting the market may be strengthening. Closings slid 11.0% from a year earlier to 97. This came on the heels of a 19.1% decline year-over-year in December.
A total of 1,414 new homes were sold during the 12 months that ended in January, down from 1,426 for the year that ended in December.
As a percentage of total closings, new home closings made up 9.7%, unchanged from a year ago. Following a year-over-year increase in December, closings of new and existing homes slid year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes was $271,804 per unit in January, up 12.2%from a year earlier. This bump is smaller than the 18.8% boost in December year-over-year.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. The average mortgage size rose to $257,220 in January, marking a 16.5% surge compared with a year earlier. In December 2013, average mortgage size on newly sold homes saw a 11.6% hike year-over-year from a year earlier.