Prices of New Homes Climb in Stockton, Sales Decline According to Latest Data
Posted on: Jul 06, 2014 07:36:23 AM
In the Stockton, CA market, new home closings sank year-over-year in April, and the percentage drop, which was steeper than March 2014, gave signals that the market may be worsening. Closings slumped 28.7% from a year earlier to 62. This followed a 28.7% decline year-over-year in March.
A total of 976 new homes were sold during the 12 months that ended in April, down from 1,001 for the year that ended in March.
As a percentage of overall housing closings, new home closings accounted for 7.8% of overall housing closings. A year ago, new home closings represented 8.0%. For new and existing homes, closings slid in April after also declining in March year-over-year.
Pricing and Mortgage Trends
In April, the average value of new homes saw a 26.7% bump year-over-year as it grew to $411,220 per unit. This boost is an improvement over the 24.2% surge in March year-over-year.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size rose to $350,088 in April, marking a 24.3% rise compared with a year earlier. In March 2014, average mortgage size grew 17.9% from a year earlier.