Newest Numbers Show New Home Closings Climb in Madera, Prices Decline
Posted on: Mar 06, 2014 07:25:46 AM
In December, closings of new homes grew year-over-year in the Madera, CA market, but the increase was less than November 2013. New home closings moved from 7 a year earlier to 10 after the figure moved from 3 in November 2012 to 6 in November 2013.
A total of 51 new homes were sold during the 12 months that ended in December, up from 48 for the year that ended in November.
New home closings were 10 out of 178 total closings, making up 5.6%. This is up on a percentage basis from 7 of 199 a year earlier. Following a year-over-year decline in November, closings of new and existing homes also slid year-over-year in December.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2013 was $106,250, down from last year's $178,000. This followed a 27.3% surge in November year-over-year.
Average mortgage size on new homes went from $177,904 a year earlier to $213,409. Average mortgage size on new homes went from $170,507 in November 2012 to $181,770 in November 2013.