Latest Numbers Indicate New Home Closings and Prices Fall in Merced
Posted on: Mar 06, 2014 07:27:00 AM
In the Merced, CA market, new home closings sank year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 5 a year earlier to 3 after the figure moved from 9 in November 2012 to 3 in November 2013.
A total of 69 new homes were sold during the 12 months that ended in December, down from 71 for the year that ended in November.
New home closings were 3 out of the 261 total closings, a move on a percentage basis from 5 of 302 a year earlier. Following a year-over-year decline in November, closings of new and existing homes also sank year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $287,000, down from $365,000 a year earlier. This came after a set of periods with no new home closings in both November 2013 or November 2012.
Average mortgage size on new homes moved from $239,669 to $242,000.