Freshest Figures Show New Home Sales and Prices Gain in San Jose
Posted on: Jul 06, 2014 07:32:58 AM
New home closings in the San Jose, CA market grew year-over-year in April, and with a stronger gain in comparison with March 2014, the market seems to be strengthening. New home closings saw a hike of 78.8% from the year earlier to 152. This came after a 41.4% jump year-over-year in March.
A total of 1,803 new homes were sold during the 12 months that ended in April, up from 1,736 for the year that ended in March.
Of 1,820 total closings, 152 were of new homes. This is an increase on a percentage basis, as new home closings were 4.7% of total closings a year ago. Closings of new and existing homes remained steady in April after falling in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 3.3% in April to $767,670 per unit. This boost is smaller than the 9.5% bump in March year-over-year.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. In April 2014, the average mortgage size was $547,524, up 4.7% from a year earlier. Average mortgage size climbed 7.2% in March 2014 from a year earlier.