Prices of New Homes Rise in Modesto, Sales Drop According to Recent Data
Posted on: Jul 06, 2014 07:24:32 AM
In the Modesto, CA market, new home closings dropped year-over-year in April, and the decline was by a larger percentage than the March 2014. New home closings moved from 16 a year earlier to 4 after the figure moved from 12 in March 2013 to 8 in March 2014.
A total of 143 new homes were sold during the 12 months that ended in April, down from 155 for the year that ended in March.
New home closings were 2.4% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 4 of the 626 total closings. Following a year-over-year decline in March, closings of new and existing homes also declined year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $279,500, up from $251,500 a year earlier. This followed a 10.6% fall in March from a year earlier.
Average mortgage size on new homes fell from $250,469 to $169,001. Average mortgage size on new homes went from $246,484 in March 2013 to $252,863 in March 2014.