New Home Sales and Prices Both Rise in Santa Rosa According to Recent Data
Posted on: Nov 12, 2013 07:43:13 AM
Closings of new homes jumped year-over-year in August in the Santa Rosa, CA market, and the percentage hike was an improvement from July 2013, suggesting the market may be gaining momentum. Closings increased 22.2% from a year earlier to 22. This came after a 11.1% rise year-over-year in July.
A total of 250 new homes were sold during the 12 months that ended in August, up from 246 for the year that ended in July.
New home closings accounted for 3.4% of overall housing closings. A year ago, new home closings made up 2.7%. Following a year-over-year increase in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
In August, there was a 20.0% rise year-over-year in the average price of newly sold homes, reaching $499,886 per unit. This hike is an improvement over the 13.4% surge in July year-over-year.
Average mortgage size on new homes grew year-over-year along with new home prices. In August 2013, there was a 7.3% lift in the average mortgage size, reaching $375,615. In July 2013, average mortgage size increased 4.2% from a year earlier.