New Home Closings and Prices in Santa Barbara Gain According to Recent Figures
Posted on: May 06, 2013 07:33:22 AM
The Santa Barbara, CA market saw a rise in new home closings in February year-over-year, and the increase was greater than January 2013. New home closings moved from four a year earlier to 20 after the figure moved from six in January 2012 to 13 in January 2013.
A total of 217 new homes were sold during the 12 months that ended in February, up from 201 for the year that ended in January.
New home closings were 20 out of 325 total closings, making up 6.2%. This is up on a percentage basis from four of 348 a year earlier. For new and existing homes, closings slipped in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average new home value went from $376,034 last year to $713,500,. This followed a 13.3% rise in January year-over-year.
From the year-ago figure of $329,641, the average mortgage size on new homes moved up to $427,454. Average mortgage size on new homes went from $392,396 in January 2012 to $382,073 in January 2013. The overall percentage of sale price that was being financed slid 27.8 percentage points year-over-year to 59.9% in February 2013.