Recent Figures Show New Home Sales and Prices Gain in Fresno
Posted on: Apr 06, 2014 07:15:12 AM
In the Fresno, CA market in January, new home closings rose year-over-year, but with a rise less sharp than December 2013, there were suggestions the market may be stabilizing. New home closings saw a 12.8% rise from a year earlier to 88. This came after a 39.3% climb year-over-year in December.
A total of 1,427 new homes were sold during the 12 months that ended in January, up from 1,417 for the year that ended in December.
Out of all housing closings, new home closings accounted for 11.2%. This is an increase on a percentage basis, as new home closings were 8.1% of total closings a year ago. Closings of new and existing homes saw a fall year-over-year in January after remaining steady in December year-over-year.
Pricing and Mortgage Trends
In January, the average price of newly sold homes increased year-over-year to $306,638 per unit, a 19.9% bump. This bump is better than the 5.8% hike in December year-over-year.
For newly sold homes, the average mortgage size saw a gain year-over-year along with new home prices. In January 2014, there was a 19.8% bump in the average mortgage size, reaching $265,169. In December 2013, average mortgage size on newly sold homes saw a 10.2% boost year-over-year from a year earlier.