New Home Prices Climb, Sales Drop in Chico - July 2014
Posted on: Jul 08, 2014 07:00:28 AM
New home closings fell year-over-year in April 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.
Out of all housing closings, new home closings represented 4.7%. This is down from the 6.0% of closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also declined year-over-year in April.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 41.9% boost year-over-year in April to $376,949 per unit. This hike is smaller than the 53.0% surge in March year-over-year.
For newly sold homes, the average mortgage size saw a lift year-over-year along with new home prices. In April 2014, there was a 24.5% gain in the average mortgage size, reaching $294,489. Average mortgage size went from $269,331 in March 2013 to $270,010 in March 2014.