New Home Sales and Prices Both Increase in Madera According to Recent Data
Posted on: Aug 08, 2014 11:34:27 AM
In May, there was an increase in closings of new homes in the Madera, CA market year-over-year, but the increase was less than April 2014. New home closings moved from 3 a year earlier to 8 after the figure moved from 2 in April 2013 to 7 in April 2014.
A total of 80 new homes were sold during the 12 months that ended in May, up from 75 for the year that ended in April.
New home closings were 8 out of 159 total closings, making up 5.0%. This is up on a percentage basis from 3 of 187 a year earlier. Following a year-over-year decline in April, closings of new and existing homes also declined year-over-year in May.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $208,750 from $179,833 a year ago. This was on the heels of a 31.4% gain in April year-over-year.
Average mortgage size on new homes increased to $199,161 from $168,806 last year. Average mortgage size on new homes went from $142,200 in April 2013 to $200,954 in April 2014.