New Home Prices Rise in Riverside According to Recent Figures, Sales Decrease
Posted on: Aug 08, 2014 11:45:12 AM
In May, the Riverside, CA market saw a decline year-over-year in new home closings, and the percentage drop was steeper than April 2014, suggesting the market may be worsening. New home closings saw a drop of 22.6% from the year earlier to 419. This came on the heels of a 2.2% drop year-over-year in April.
A total of 5,605 new homes were sold during the 12 months that ended in May, down from 5,727 for the year that ended in April.
Of the total number of closings, new home closings made up 6.6%. A year earlier, new home closings represented 7.3% of total closings. Following a year-over-year decline in April, closings of new and existing homes also slid year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year in May to $396,982 per unit, a rise of 7.2%. This lift is smaller than the 10.7% hike in April year-over-year.
The average mortgage size on newly sold homes gained year-over-year along with the average price of new homes. In May 2014, average mortgage size grew 3.9% from a year earlier to $325,811. In April 2014, average mortgage size on newly sold homes saw a 8.2% lift year-over-year from a year earlier.