Recent Numbers For San Luis Obispo Show New Home Closings and Prices Climb
Posted on: Mar 06, 2014 07:38:30 AM
There was an increase in new home closings in the San Luis Obispo, CA market in December year-over-year, but the increase was less than November 2013. New home closings moved from 25 a year earlier to 27 after the figure moved from 11 in November 2012 to 25 in November 2013.
A total of 235 new homes were sold during the 12 months that ended in December, up from 233 for the year that ended in November.
As a percentage of overall housing closings, new home closings accounted for 7.5%. This is a surge from 6.1% of closings a year earlier. Following a year-over-year decline in November, closings of new and existing homes also slid year-over-year in December.
Pricing and Mortgage Trends
In December, the average value of new homes saw a 32.8% lift year-over-year as it grew to $614,177 per unit. This rise is better than the 1.3% lift in November year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. The average mortgage size rose to $345,144 in December, marking a 13.3% gain compared with a year earlier. Average mortgage size on new homes went from $391,730 in November 2012 to $376,550 in November 2013.