Recent Figures Show New Home Prices Increase, Sales Fall in San Diego
Posted on: Apr 06, 2014 07:38:00 AM
In January, there was a drop year-over-year in new home closings in the San Diego, CA market, but the percentage drop was an improvement from December 2013, suggesting the market may be stabilizing. New home closings saw a 25.8% decline from a year earlier to 72. In comparison, new home closings in the same month last year saw a 40.1% decline year-over-year in December.
A total of 2,618 new homes were sold during the 12 months that ended in January, down from 2,643 for the year that ended in December.
New home closings accounted for 2.8% of overall housing closings. As a part of the whole, new home closings were 3.0% a year earlier. Following a year-over-year decline in December, closings of new and existing homes also declined year-over-year in January.
Pricing and Mortgage Trends
In January, the average value of new homes saw a 23.4% hike year-over-year as it grew to $771,994 per unit. This surge is smaller than the 41.7% gain in December year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It increased 16.6% in January from a year earlier to $551,439. In December 2013, average mortgage size gained 28.3% from a year earlier.