Latest Numbers Show New Home Closings Climb in San Luis Obispo, Prices Drop
Posted on: Apr 06, 2014 07:38:28 AM
In January, closings of new homes rose year-over-year in the San Luis Obispo, CA market, and the increase was greater than December 2013. New home closings moved from 7 a year earlier to 10 after the figure moved from 25 in December 2012 to 27 in December 2013.
A total of 239 new homes were sold during the 12 months that ended in January, up from 236 for the year that ended in December.
New home closings were 10 out of the 287 total closings, a move on a percentage basis from 7 of 241 a year earlier. After dropping in December from a year earlier, closings of new and existing homes grew year-over-year in January.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2014 was $425,600, down from last year's $532,429. This was on the heels of a 32.8% hike in December year-over-year.
The average mortgage size moved to $283,187, down from last year's $519,022. In December 2013, average mortgage size on newly sold homes saw a 13.3% rise year-over-year from a year earlier.