Newest Numbers Show Prices of New Homes Gain in San Diego, Sales Drop
Posted on: Jul 06, 2014 07:32:42 AM
In the San Diego, CA market in April, new home closings slid year-over-year, but with a percentage fall less steep than March 2014, there are signs the market may be stabilizing. New home closings saw a drop of 35.9% from the year earlier to 173. This followed a 38.4% decline year-over-year in March.
A total of 2,344 new homes were sold during the 12 months that ended in April, down from 2,441 for the year that ended in March.
Out of all housing closings, new home closings made up 4.5%. This is down from the a year earlier when new home closings represented 6.5% of total closings. Following a year-over-year decline in March, closings of new and existing homes also fell year-over-year in April.
Pricing and Mortgage Trends
Average price of newly sold homes had a 25.9% hike year-over-year to $689,486 per unit in April. This rise is higher than the 16.4% gain in March year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It rose to $503,331 in April, a 16.1% boost. In March 2014, average mortgage size gained 18.4% from a year earlier.