Prices of New Homes Climb in Riverside, Sales Drop According to Recent Data
Posted on: Jul 06, 2014 07:30:49 AM
In the Riverside, CA market in April, closings of new homes dropped year-over-year, but compared with March 2014, the percentage fall was less steep, suggesting that the market may be stabilizing. New home closings saw a 2.5% decline from a year earlier to 459. This was after the housing market saw a 20.8% decline year-over-year in March.
A total of 5,779 new homes were sold during the 12 months that ended in April, down from 5,791 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 7.4% of overall housing closings. A year ago, 6.5% of total closings were new home closings. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.
Pricing and Mortgage Trends
In April, the average value of new homes saw a 10.5% hike year-over-year as it grew to $400,520 per unit. This bump is smaller than the 22.0% gain in March year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In April 2014, average mortgage size climbed 8.3% from a year earlier to $322,780. In March 2014, average mortgage size gained 11.9% from a year earlier.