New Home Closings and Prices in San Jose Increase According to Newest Figures
Posted on: Nov 12, 2013 07:42:21 AM
The San Jose, CA market saw an increase in closings of new homes in August year-over-year, but the increased on a percentage basis less sharlpy than July 2013, showing signs of market stabilization. There was a 67.0% climb in new home closings from a year earlier. This followed a more than twofold rise year-over-year in July.
A total of 1,538 new homes were sold during the 12 months that ended in August, up from 1,473 for the year that ended in July.
Of 2,042 total closings, 162 were of new homes. This is a hike from 4.9% of closings a year earlier. Closings of new and existing homes gained year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 15.5% in August to $754,659 per unit. This boost is better than the 6.0% surge in July year-over-year.
For newly sold homes, the average mortgage size gained year-over-year along with new home prices. Average mortgage size increased 12.2% to $517,840 in August from a year earlier. Average mortgage size rose 11.5% in July 2013 from a year earlier.