Newest Figures Show New Home Sales and Prices Increase in Riverside
Posted on: Dec 06, 2013 07:39:32 AM
In the Riverside, CA market in September, new home closings jumped year-over-year, and with a stronger surge than August 2013, there are hints the market may be bolstering. Closings rose 25.4% from a year earlier to 518. This came on the heels of a 22.6% jump year-over-year in August.
A total of 5,810 new homes were sold during the 12 months that ended in September, up from 5,705 for the year that ended in August.
New home closings made up 8.3% of overall housing closings. This marks a rise from 6.3% of total closings a year earlier. Closings of new and existing homes slid year-over-year in September after also falling in August year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes jumped year-over-year to $394,223 in September, up 18.4% from last year. This gain is smaller than the 22.7% hike in August year-over-year.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. The average mortgage size saw a 12.3% rise year-over-year to $324,282 in September. In August 2013, average mortgage size on newly sold homes saw a 14.1% lift year-over-year from a year earlier.