New Home Closings in Santa Barbara Climb, Prices Decline According to Newest Figures
Posted on: Apr 06, 2014 07:38:38 AM
New home closings rose year-over-year in January in the Santa Barbara, CA market, rebounding from a year-over-year decline in December 2013. New home closings moved from 13 a year earlier to 17 after the figure moved from 46 in December 2012 to 34 in December 2013.
A total of 298 new homes were sold during the 12 months that ended in January, up from 294 for the year that ended in December.
New home closings were 17 of the 211 total closings, up on a percentage basis from 13 of 305 a year earlier. Closings of new and existing homes declined year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $505,659, down from $564,769 a year earlier. This followed a 1.3% decline in December from a year earlier.
From the year-ago figure of $382,073, the average mortgage size on new homes moved up to $407,247. In December 2013, average mortgage size on newly sold homes saw a 6.5% gain year-over-year from a year earlier.