Newest Figures Show New Home Sales and Prices Rise in San Jose
Posted on: May 06, 2013 07:33:06 AM
In the San Jose, CA market in February, new home closings increased year-over-year, and the percentage surge was sharper than January 2013, hinting that the market may be strengthening. New home closings saw a 52.9% jump from a year earlier to 107 after closings rose 50.0% in January from the year earlier.
A total of 1,539 new homes were sold during the 12 months that ended in February, up from 1,502 for the year that ended in January.
New home closings made up 8.8% of overall housing closings. This is a rise from 4.7% of closings a year earlier. Closings of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 21.2% gain year-over-year in February to $719,715 per unit. This hike is better than the 13.3% lift in January year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It climbed to $556,959 in February, a 27.6% boost. Average mortgage size gained 15.3% in January 2013 from a year earlier. For new home closings, the percentage of the sale price that was being financed rose 3.9 percentage points year-over-year to 77.4% in February 2013. This was another rise after January 2013 when there was a 1.3 percentage point rise from a year earlier.