Freshest Numbers Show Prices of New Homes Gain in Modesto, Sales Decline
Posted on: Apr 06, 2014 07:27:54 AM
In the Modesto, CA market, closings of new homes fell year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 7 a year earlier to 5 after the figure moved from 19 in December 2012 to 6 in December 2013.
A total of 160 new homes were sold during the 12 months that ended in January, down from 162 for the year that ended in December.
5 of the 364 total closings were new home closings, a shift on a percentage basis from 7 out of 632 a year earlier. Following a year-over-year decline in December, closings of new and existing homes also declined year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $358,750, up from $231,214 a year earlier. This followed a 38.6% bump in December year-over-year.
Average mortgage size on new homes increased to $290,230 from $211,365 last year. Average mortgage size on new homes went from $233,234 in December 2012 to $320,919 in December 2013.