Freshest Numbers For Fresno Show New Home Closings and Prices Rise
Posted on: Mar 06, 2014 07:15:17 AM
In December, there was an increase in closings of new homes in the Fresno, CA market year-over-year, swinging up after a drop in November 2013. Closings rose 3.7% from a year earlier to 111. This came after a 15.5% drop year-over-year in November.
A total of 1,232 new homes were sold during the 12 months that ended in December, up from 1,228 for the year that ended in November.
As a percentage of overall housing closings, new home closings made up 10.8% of overall housing closings. A year ago, new home closings accounted for 10.1%. Following a year-over-year decline in November, closings of new and existing homes also slid year-over-year in December.
Pricing and Mortgage Trends
In December, there was a 7.6% gain year-over-year in the average price of newly sold homes, reaching $300,756 per unit. This surge is smaller than the 12.0% rise in November year-over-year.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. In December 2013, there was a 11.7% surge in the average mortgage size, reaching $265,413. Average mortgage size grew 9.6% in November 2013 from a year earlier.