New Home Closings and Prices in Fresno Gain According to Recent Figures
Posted on: Aug 08, 2014 11:22:45 AM
There was an increase in new home closings in the Fresno, CA market in May year-over-year, but with a rise less sharp than April 2014, there were suggestions the market may be leveling out. New home closings saw a 10.7% rise from a year earlier to 145. This followed a 24.8% rise year-over-year in April.
A total of 1,603 new homes were sold during the 12 months that ended in May, up from 1,589 for the year that ended in April.
New home closings accounted for 12.8% of overall housing closings. This marks a rise from 11.6% of total closings a year earlier. Closings of new and existing homes remained steady in May after being unchanged in April from a year earlier.
Pricing and Mortgage Trends
The average price of newly sold homes gained year-over-year 9.1% in May to $314,042 per unit. This boost is smaller than the 11.0% lift in April year-over-year.
There was a surge year-over-year in the average mortgage size on new homes along with new home prices. It gained 8.1% in May from a year earlier to $273,143. In April 2014, average mortgage size rose 9.7% from a year earlier.