Recent Figures Show New Home Prices Rise, Sales Drop in Modesto
Posted on: Aug 08, 2014 11:37:11 AM
In the Modesto, CA market, new home closings sank year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 14 a year earlier to 10 after the figure moved from 15 in April 2013 to 4 in April 2014.
A total of 136 new homes were sold during the 12 months that ended in May, down from 140 for the year that ended in April.
10 of the 612 total closings were new home closings, a shift on a percentage basis from 14 out of 682 a year earlier. For new and existing homes, closings fell in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average new home price was $307,182, up from $252,038 a year earlier. This came after a 6.3% hike in April year-over-year.
Average mortgage size on new homes went from $211,330 a year earlier to $277,709. Average mortgage size on new homes went from $250,469 in April 2013 to $169,001 in April 2014.