Latest Figures Show New Home Sales Gain in Riverside, Prices Decrease
Posted on: May 06, 2013 07:31:00 AM
In the Riverside, CA market, closings of new homes increased year-over-year in February, but as the percentage climbed less than January 2013, the market seemed to show signs of leveling. New home closings saw a jump of 23.2% from the year earlier to 329. In comparison, new home closings in the same month last year saw a more than twofold climb year-over-year in January.
A total of 4,843 new homes were sold during the 12 months that ended in February, up from 4,781 for the year that ended in January.
Out of all housing closings, new home closings accounted for 5.7%. This is a rise from 3.8% of closings a year earlier. Closings of new and existing homes sank year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes declined 5.9% year-over-year in February to $330,843 per unit. This decline is larger than the 3.6% decline in January from a year earlier.
The average mortgage size on newly sold homes saw a rise year-over-year in contrast to new home prices. Average mortgage size increased 2.7% to $291,741 in February from a year earlier. Average mortgage size went from $288,885 in January 2012 to $290,671 in January 2013. The overall percentage of sale price that was being financed rose 7.4 percentage points year-over-year to 88.2% in February 2013.