Prices of New Homes Climb in Riverside, Sales Drop According to Newest Data
Posted on: Apr 06, 2014 07:35:42 AM
New home closings in the Riverside, CA market sank year-over-year in January, and the percentage decline was steeper than December 2013, giving suggestion the market may be worsening. New home closings saw a 28.4% drop from a year earlier to 290. This came on the heels of a 4.6% decline year-over-year in December.
A total of 5,820 new homes were sold during the 12 months that ended in January, down from 5,935 for the year that ended in December.
Compared to a year earlier, new home closings as a percentage of total closings stayed the same at 6.3%. For new and existing homes, closings slid in January after also declining in December year-over-year.
Pricing and Mortgage Trends
In January, the average value of new homes saw a 34.2% lift year-over-year as it grew to $447,220 per unit. This bump is higher than the 14.2% surge in December year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 17.2% boost year-over-year to $341,940 in January. In December 2013, average mortgage size rose 11.9% from a year earlier.