New Home Prices Climb in San Jose According to Latest Figures, Sales Fall
Posted on: Mar 06, 2014 07:38:20 AM
In the San Jose, CA market in December, new home closings slid year-over-year, but the percentage drop narrowed from that of November 2013, suggesting that the market may be stabilizing. Closings fell 20.7% from a year earlier to 191. This followed a 23.5% drop year-over-year in November.
A total of 1,509 new homes were sold during the 12 months that ended in December, down from 1,559 for the year that ended in November.
As a percentage of overall housing closings, new home closings represented 12.1%. This is a fall 13.8% of closings a year earlier. Closings of new and existing homes declined year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 22.6% lift year-over-year in December to $815,500 per unit. This hike is higher than the 21.0% bump in November year-over-year.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. In December 2013, the average mortgage size was $563,758, up 11.5% from a year earlier. In November 2013, average mortgage size jumped 16.4% from a year earlier.