Freshest Figures Show New Home Prices Climb, Sales Drop in Santa Barbara
Posted on: Dec 06, 2013 07:42:43 AM
New home closings in the Santa Barbara, CA market sank year-over-year in September, a decline following a rise in August 2013. New home closings moved from 35 a year earlier to 34 after the figure moved from 13 in August 2012 to 21 in August 2013.
A total of 270 new homes were sold during the 12 months that ended in September, down from 271 for the year that ended in August.
New home closings made up 9.9% of overall housing closings. New home closings were 9.3% of overall closings last year. Following a year-over-year decline in August, closings of new and existing homes also dropped year-over-year in September.
Pricing and Mortgage Trends
For newly sold homes, the average price rose 78.4% year-over-year in September to $527,579 per unit. This gain is an improvement over the 76.0% lift in August year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. The average mortgage size saw a 12.3% bump year-over-year to $372,666 in September. Average mortgage size on new homes went from $363,338 in August 2012 to $418,529 in August 2013.