Prices of New Homes Climb in Modesto, Sales Decrease According to Latest Data
Posted on: Mar 06, 2014 07:28:19 AM
In the Modesto, CA market, closings of new homes slid year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 19 a year earlier to 6 after the figure moved from 20 in November 2012 to 4 in November 2013.
A total of 162 new homes were sold during the 12 months that ended in December, down from 175 for the year that ended in November.
New home closings represented 6 out of the 558 total closings, which is a smaller percentage than the 19 of 723 total closings a year earlier. For new and existing homes, closings declined in December after also declining in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $336,025, an increase from $242,472 a year earlier. This was on the heels of a 28.7% surge in November year-over-year.
Average mortgage size on new homes increased to $320,919 from $233,234 last year. Average mortgage size on new homes went from $229,734 in November 2012 to $298,770 in November 2013.