New Home Prices Increase in Riverside According to Freshest Figures, Sales Fall
Posted on: Mar 06, 2014 07:35:56 AM
The Riverside, CA market saw a drop in new home closings year-over-year in December, sliding down after a lift in November 2013. There was a 4.1% decline in new home closings from a year earlier. This came on the heels of a 25.9% hike year-over-year in November.
A total of 5,919 new homes were sold during the 12 months that ended in December, down from 5,942 for the year that ended in November.
New home closings represented 9.0% of overall housing closings. This is a hike from 8.0% of closings a year earlier. Closings of new and existing homes declined year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
In December, the average price of newly sold homes rose 14.2% year-over-year to $383,668 per unit. This surge is smaller than the 16.5% lift in November year-over-year.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. The average mortgage size rose to $321,579 in December, marking a 12.0% bump compared with a year earlier. Average mortgage size jumped 9.7% in November 2013 from a year earlier.