Recent Numbers For Los Angeles Show New Home Closings and Prices Gain
Posted on: Mar 06, 2014 07:25:01 AM
In the Los Angeles, CA market in December, new home closings climbed year-over-year, moving up after a fall in November 2013. This year's new home closings gained from last year by 40.1%, reaching 839. This came after a move from 584 in November 2012 to 580 in November 2013.
A total of 6,006 new homes were sold during the 12 months that ended in December, up from 5,766 for the year that ended in November.
As a percentage of overall housing closings, new home closings represented 8.2%. This is a lift from 5.2% of closings a year earlier. For new and existing homes, closings slid in December after also declining in November year-over-year.
Pricing and Mortgage Trends
In December, the average price of newly sold homes grew year-over-year to $736,876 per unit, a 31.8% surge. This surge is better than the 22.8% hike in November year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. The average mortgage size saw a 25.2% boost year-over-year to $496,027 in December. In November 2013, average mortgage size on newly sold homes saw a 18.9% gain year-over-year from a year earlier.