Prices of New Homes Increase in Santa Cruz, Sales Fall - July 2014
Posted on: Jul 08, 2014 07:03:21 AM
In the Santa Cruz, CA market in April, new home closings fell year-over-year, and the decline was by a larger percentage than the March 2014. New home closings moved from 10 a year earlier to 2 after the figure moved from 11 in March 2013 to 6 in March 2014.
A total of 96 new homes were sold during the 12 months that ended in April, down from 104 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 0.8% from 4.6% a year earlier. Closings of new and existing homes rose year-over-year in April following a fall in March year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $507,500 from $460,850 a year ago. This came after a 21.1% drop in March from a year earlier.
The average mortgage size on new homes was $532,000, up from $431,512. Average mortgage size on new homes went from $479,183 in March 2013 to $350,000 in March 2014.