New Home Sales and Prices Drop in Santa Barbara According to Newest Data
Posted on: Aug 08, 2014 11:48:36 AM
In the Santa Barbara, CA market in May, new home closings declined year-over-year, and the percentage fall was steeper than April 2014, giving suggestion the market may be worsening. There was a 37.5% decline in new home closings from a year earlier. This was after the housing market saw a 12.0% drop year-over-year in April.
A total of 300 new homes were sold during the 12 months that ended in May, down from 309 for the year that ended in April.
New home closings made up 4.6% of overall housing closings. This is a decline 5.7% of closings a year earlier. For new and existing homes, closings dropped in May after also declining in April year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 35.8% fall year-over-year in May to $351,333 per unit. This decline compares to a 28.4% lift in April year-over-year.
For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. The average mortgage size declined to $307,560 in May, marking a 19.3% drop compared with last year. In April 2014, average mortgage size climbed 6.3% from a year earlier.