New Home Sales and Prices Both Gain in Modesto According to Latest Data
Posted on: Dec 06, 2013 07:31:19 AM
New home closings grew year-over-year in September in the Modesto, CA market, rebounding from a year-over-year decline in August 2013. New home closings moved from 12 a year earlier to 20 after the figure moved from 18 in August 2012 to 17 in August 2013.
A total of 188 new homes were sold during the 12 months that ended in September, up from 180 for the year that ended in August.
New home closings were 20 of the 620 total closings, up on a percentage basis from 12 of 711 a year earlier. Closings of new and existing homes fell year-over-year in September after also falling in August year-over-year.
Pricing and Mortgage Trends
The average new home value went from $230,722 last year to $297,211. This followed a 10.1% boost in August year-over-year.
Average mortgage size on new homes went from $199,282 a year earlier to $281,303. In August 2013, average mortgage size on newly sold homes saw a 2.5% lift year-over-year from a year earlier.