Newest Figures Show New Home Sales and Prices Fall in Santa Cruz
Posted on: Aug 08, 2014 11:48:46 AM
In May, the Santa Cruz, CA market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in April. New home closings moved from 7 a year earlier to 3 after the figure moved from 9 in April 2013 to 2 in April 2014.
A total of 82 new homes were sold during the 12 months that ended in May, down from 86 for the year that ended in April.
3 of the 226 total closings were new home closings, a shift on a percentage basis from 7 out of 339 a year earlier. Following a year-over-year increase in April, closings of new and existing homes fell year-over-year in May.
Pricing and Mortgage Trends
The average new home price was $567,000, down from $593,286 a year earlier. This followed a 1.6% hike in April year-over-year.
The average mortgage size went down to $406,833 from $497,875 a year earlier. Average mortgage size on new homes went from $431,512 in April 2013 to $532,000 in April 2014.