Recent Numbers Show Prices of New Homes Climb in Stockton, Sales Decline
Posted on: Aug 08, 2014 11:52:34 AM
New home closings in the Stockton, CA market sank year-over-year in May, and the percentage decline that was steeper than April 2014 gave implications of worsening market conditions. Closings fell 29.6% from a year earlier to 69. This followed a 27.1% drop year-over-year in April.
A total of 943 new homes were sold during the 12 months that ended in May, down from 972 for the year that ended in April.
As a percentage of overall housing closings, new home closings accounted for 7.9%. This is down from the a year earlier when new home closings represented 9.4% of total closings. For new and existing homes, closings declined in May after also declining in April year-over-year.
Pricing and Mortgage Trends
In May, the average price of newly sold homes increased 20.1% year-over-year to $422,578 per unit. This bump is smaller than the 25.2% surge in April year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In May 2014, there was a 14.6% hike in the average mortgage size, reaching $360,693. In April 2014, average mortgage size jumped 24.3% from a year earlier.