New Home Closings in Modesto Increase, Prices Decrease According to Newest Figures
Posted on: May 06, 2013 07:24:34 AM
In the Modesto, CA market, new home closings increased year-over-year in February, but the increase was less than January 2013. New home closings moved from 10 a year earlier to 23 after the figure moved from two in January 2012 to seven in January 2013.
A total of 165 new homes were sold during the 12 months that ended in February, up from 152 for the year that ended in January.
New home closings were 23 of the 562 total closings, up on a percentage basis from 10 of 774 a year earlier. Closings of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $236,144 per unit in February 2013, which is down from $271,100 a year ago. This was on the heels of a 7.9% rise in January year-over-year.
The average mortgage size moved to $150,927, down from last year's $250,640. It went from $213,394 to $211,365 from January 2012 to January 2013. For new home closings, the percentage of the sale price that was being financed slid 28.5 percentage points year-over-year to 63.9% in February 2013.