Latest Numbers Indicate New Home Closings and Prices Decline in San Luis Obispo
Posted on: May 06, 2013 07:33:14 AM
Closings of new homes in the San Luis Obispo, CA market dropped year-over-year in February, falling after remaining level in January from the year earlier. Closings stood at 10 in February after being 12 a year earlier and the figure was unchanged at seven in January from a year earlier.
A total of 159 new homes were sold during the 12 months that ended in February, down from 161 for the year that ended in January.
Ten of the 279 total closings were new home closings, a shift on a percentage basis from 12 out of 284 a year earlier. Following a year-over-year decline in January, closings of new and existing homes also slipped year-over-year in February.
Pricing and Mortgage Trends
The average new home price in February 2013 went down to $275,150 from $280,833 last year. This came after a 29.3% hike in January year-over-year.
The average mortgage size moved to $302,483, down from last year's $353,034. Average mortgage size on new homes went from $318,804 in January 2012 to $519,022 in January 2013.