Freshest Figures Show New Home Sales Climb in Santa Cruz, Prices Decrease
Posted on: May 06, 2013 07:33:31 AM
In the Santa Cruz, CA market in February, closings of new homes increased year-over-year, and the increase was greater than January 2013. New home closings moved from one a year earlier to eight after the figure moved from none in January 2012 to four in January 2013.
A total of 90 new homes were sold during the 12 months that ended in February, up from 83 for the year that ended in January.
New home closings were eight of the 224 total closings, up on a percentage basis from one of 210 a year earlier. Following a decline in January year-over-year, closings of new and existing homes rose year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2013 was $551,125, down from last year's $975,000. This came after a shift from no closings in January 2012 to an average price of $624,000 in January 2013.
Average mortgage size on newly sold homes saw a decline year-over-year from $780,000 to $426,790.