New Home Closings and Prices in Santa Barbara Fall According to Recent Figures
Posted on: Mar 06, 2014 07:38:39 AM
In the Santa Barbara, CA market, closings of new homes declined year-over-year in December, and there were signals the market may be worsening with a percentage drop steeper than that of November 2013. New home closings saw a 17.1% drop from a year earlier to 34. In comparison, new home closings in the same month last year saw a 5.6% fall year-over-year in November.
A total of 284 new homes were sold during the 12 months that ended in December, down from 291 for the year that ended in November.
Of the total number of closings, new home closings made up 9.9%. A year ago, new home closings represented 10.5%. Following a year-over-year decline in November, closings of new and existing homes also fell year-over-year in December.
Pricing and Mortgage Trends
The average per-unit value of new homes slid year-over-year to $599,574 in December, a decline of 6.6% from a year earlier. This fall compares to a 53.3% gain in November year-over-year.
There was a bump year-over-year in the average mortgage size on new homes in contrast to new home prices. Average mortgage size climbed 2.9% to $441,960 in December from a year earlier. Average mortgage size sank 5.1% in November 2013 from a year earlier.