New Home Prices Rise in San Luis Obispo According to Latest Figures, Sales Decline
Posted on: Aug 08, 2014 11:48:11 AM
In the San Luis Obispo, CA market in May, new home closings slid year-over-year, a move downward following a rise in April 2014. New home closings saw a 3.7% fall from a year earlier to 26. This was after the housing market saw a 73.3% hike year-over-year in April.
A total of 293 new homes were sold during the 12 months that ended in May, down from 294 for the year that ended in April.
Out of all housing closings, new home closings accounted for 6.9%. A year ago, new home closings made up 6.2%. Following a year-over-year decline in April, closings of new and existing homes also sank year-over-year in May.
Pricing and Mortgage Trends
In May, the average price of newly sold homes climbed 22.8% year-over-year to $529,388 per unit. This rise is better than the 12.0% gain in April year-over-year.
There was a hike year-over-year in the average mortgage size on new homes along with new home prices. In May 2014, there was a 13.2% gain in the average mortgage size, reaching $365,721. Average mortgage size jumped 38.7% in April 2014 from a year earlier.