New Home Sales and Prices Both Rise in San Luis Obispo According to Freshest Data
Posted on: Jul 06, 2014 07:33:06 AM
There was a rise in new home closings in the San Luis Obispo, CA market in April year-over-year, but the increase was less than March 2014. New home closings moved from 15 a year earlier to 27 after the figure moved from 5 in March 2013 to 36 in March 2014.
A total of 295 new homes were sold during the 12 months that ended in April, up from 283 for the year that ended in March.
New home closings represented 7.8% of overall housing closings. This is an increase on a percentage basis, as new home closings were 3.1% of total closings a year ago. Closings of new and existing homes dropped year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes increased year-over-year to $458,248 per unit, a 15.9% boost. This lift is smaller than the more than twofold hike in March year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In April 2014, the average mortgage size was $310,420, a 36.9% hike from a year earlier. Average mortgage size on new homes went from $262,554 in March 2013 to $352,261 in March 2014.