New Home Prices Increase in Chico According to Newest Figures, Sales Decline
Posted on: Aug 08, 2014 11:14:21 AM
In April, there was a drop year-over-year in new home closings in the Chico, CA market, but the decline was less than the year-over-year decline in March. New home closings moved from 22 a year earlier to 16 after the figure moved from 19 in March 2013 to 13 in March 2014.
A total of 202 new homes were sold during the 12 months that ended in April, down from 208 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 4.7%. This is down from the 6.0% of closings a year earlier. For new and existing homes, closings declined in April after also declining in March year-over-year.
Pricing and Mortgage Trends
In April, there was a 41.9% gain year-over-year in the average price of newly sold homes, reaching $376,949 per unit. This bump is smaller than the 53.0% boost in March year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In April 2014, average mortgage size gained 24.5% from a year earlier to $294,489. Average mortgage size went from $269,331 in March 2013 to $270,010 in March 2014.