Prices of New Homes Rise in Santa Barbara, Sales Decrease According to Recent Data
Posted on: Jul 06, 2014 07:33:22 AM
The Santa Barbara, CA market saw a drop in new home closings year-over-year in April, a downhill move after a bump in March 2014. New home closings saw a 4.0% drop from a year earlier to 24. This followed a 44.4% jump year-over-year in March.
A total of 328 new homes were sold during the 12 months that ended in April, down from 329 for the year that ended in March.
Out of all housing closings, new home closings accounted for 7.4%. They represented 6.5% of closings a year earlier. Closings of new and existing homes declined year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 27.5% lift year-over-year to $638,565 per unit in April. This rise compares to a 5.5% drop in March from a year earlier.
Average mortgage size on new homes jumped year-over-year along with new home prices. It rose 7.5% in April from a year earlier to $426,789. In March 2014, average mortgage size increased 35.1% from a year earlier.