New Home Sales Rise in San Jose, Prices Decrease According to Recent Data
Posted on: Aug 08, 2014 11:48:01 AM
New home closings in the San Jose, CA market increased year-over-year in May, but the percentage boost was less than April 2014, suggesting the market may be leveling. New home closings saw a hike of 73.3% from the year earlier to 175. This came on the heels of a 79.8% hike year-over-year in April.
A total of 1,863 new homes were sold during the 12 months that ended in May, up from 1,789 for the year that ended in April.
Out of all housing closings, new home closings accounted for 9.1%. This marks a rise from 5.0% of total closings a year earlier. After remaining steady in April from a year earlier, closings of new and existing homes fell year-over-year in May.
Pricing and Mortgage Trends
For newly sold homes, the average price dropped 3.1% year-over-year in May to $737,871 per unit. This drop compares to a 2.3% gain in April year-over-year.
There was a surge year-over-year in the average mortgage size on new homes in contrast to new home prices. In May 2014, the average mortgage size on newly sold homes saw a 1.5% lift from a year earlier. In April 2014, average mortgage size grew 3.7% from a year earlier.