New Home Prices Gain in San Diego According to Latest Data, Sales Steady
Posted on: Aug 08, 2014 11:47:36 AM
Closings of new homes in the San Diego, CA market saw no change year-over-year in May, stabilizing after a fall in April from the year earlier. New home closings stayed level from a year earlier at 215. Closings saw a 39.9% drop in the same month last year.
A total of 2,310 new homes were sold during the 12 months that ended in May, equal to the number of new homes sold for the year that ended in April.
Out of all housing closings, new home closings made up 5.6%. A year ago, 4.7% of total closings were new home closings. Following a year-over-year decline in April, closings of new and existing homes also sank year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year 15.0% in May to $656,998 per unit. This bump is smaller than the 27.1% lift in April year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In May 2014, the average mortgage size was $523,456, up 15.2% from a year earlier. In April 2014, average mortgage size on newly sold homes saw a 16.4% bump year-over-year from a year earlier.