New Home Closings and Prices in Fresno Gain According to Newest Figures
Posted on: Jul 06, 2014 07:13:06 AM
New home closings jumped year-over-year in April in the Fresno, CA market, but there were signs the market may be stabilizing with a percentage gain shallower than March 2014. New home closings saw a 25.9% climb from a year earlier to 136. In comparison, new home closings in the same month last year saw a 32.1% jump year-over-year in March.
A total of 1,618 new homes were sold during the 12 months that ended in April, up from 1,590 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 12.7%. This is an increase on a percentage basis, as new home closings were 10.1% of total closings a year ago. Closings of new and existing homes stayed level after declining in March year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 17.7% boost year-over-year in April to $314,854 per unit. This rise is smaller than the 19.3% gain in March year-over-year.
There was a hike year-over-year in the average mortgage size on new homes along with new home prices. In April 2014, the average mortgage size on newly sold homes saw a 16.0% gain from a year earlier. In March 2014, average mortgage size on newly sold homes saw a 16.3% lift year-over-year from a year earlier.