Freshest Numbers Show Prices of New Homes Gain in San Jose, Sales Drop
Posted on: Apr 06, 2014 07:38:19 AM
Closings of new homes slid year-over-year in January in the San Jose, CA market, and there were hints the market may be worsening with a percentage decline steeper than that of December 2013. There was a 30.3% drop in new home closings from a year earlier. This came on the heels of a 3.7% drop year-over-year in December.
A total of 1,612 new homes were sold during the 12 months that ended in January, down from 1,639 for the year that ended in December.
Out of all housing closings, new home closings represented 6.6%. This is down from the 7.6% of closings a year earlier. For new and existing homes, closings declined in January after also declining in December year-over-year.
Pricing and Mortgage Trends
In January, the average price of newly sold homes increased 12.7% year-over-year to $790,641 per unit. This surge is smaller than the 19.4% hike in December year-over-year.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. In January 2014, average mortgage size increased 12.3% from a year earlier to $578,529. In December 2013, average mortgage size on newly sold homes saw a 8.0% bump year-over-year from a year earlier.