Freshest Numbers Show New Home Closings Gain in San Diego, Prices Decrease
Posted on: May 06, 2013 07:32:49 AM
There was a rise in closings of new homes in the San Diego, CA market in February year-over-year, and the percentage bump was higher than January 2013, implying the market may be improving. New home closings saw an 82.7% boost from a year earlier to 232. This came after a 30.2% rise year-over-year in January.
A total of 2,856 new homes were sold during the 12 months that ended in February, up from 2,751 for the year that ended in January.
Of 3,201 total closings, 232 were of new homes. This is up from the 4.1% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes also rose year-over-year in February.
Pricing and Mortgage Trends
Average price of newly sold homes had an 11.4% decline year-over-year to $470,274 per unit in February. This fall is a swing down from an 8.0% rise in January year-over-year.
In February 2013, average mortgage size on newly sold homes moved from $393,984 to $390,831 from February 2012. Average mortgage size went from $451,714 in January 2012 to $447,415 in January 2013. For new home closings, the percentage of the sale price that was being financed increased 8.9 percentage points year-over-year to 83.1% in February 2013. This came after a 6.8 percentage point decline in January from a year earlier.