Latest Figures Show New Home Prices Increase, Sales Fall in Stockton
Posted on: Apr 06, 2014 07:42:12 AM
In the Stockton, CA market, new home closings declined year-over-year in January, curving down after an increase in December 2013. Closings dropped 10.4% from a year earlier to 43. This came after a 9.2% climb year-over-year in December.
A total of 1,009 new homes were sold during the 12 months that ended in January, down from 1,014 for the year that ended in December.
Out of all housing closings, new home closings made up 6.1%. A year earlier, new home closings represented 5.3% of total closings. Closings of new and existing homes dropped year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 32.1% gain year-over-year to $411,826 per unit in January. This surge is smaller than the 33.3% bump in December year-over-year.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. The average mortgage size saw a 15.4% rise year-over-year to $311,900 in January. In December 2013, average mortgage size grew 26.9% from a year earlier.