Newest Figures Show New Home Sales and Prices Climb in Fresno
Posted on: Dec 06, 2013 07:17:30 AM
In September, closings of new homes in the Fresno, CA market grew year-over-year, but the percentage surge was less pronounced than August 2013, indicating the market may be stabilizing. New home closings saw a 3.5% hike from a year earlier to 119. In comparison, new home closings in the same month last year saw a 20.6% jump year-over-year in August.
A total of 1,366 new homes were sold during the 12 months that ended in September, up from 1,362 for the year that ended in August.
As a percentage of overall housing closings, new home closings accounted for 12.2%. This is an increase on a percentage basis, as new home closings were 10.1% of total closings a year ago. Following a year-over-year decline in August, closings of new and existing homes also sank year-over-year in September.
Pricing and Mortgage Trends
In September, the average price of newly sold homes jumped 5.6% year-over-year to $264,145 per unit. This rise is smaller than the 7.7% boost in August year-over-year.
Average mortgage size on new homes went from $231,379 in September 2012 to $231,877 in September 2013. It went from $244,856 to $245,188 from August 2012 to August 2013.