New Home Closings in Vallejo Gain, Prices Decline According to Freshest Figures
Posted on: Jul 06, 2014 07:38:01 AM
In the Vallejo, CA market, closings of new homes jumped year-over-year in April, recovering from a fall in March 2014. Closings increased 18.2% from a year earlier to 39. This came on the heels of a 34.8% decline year-over-year in March.
A total of 479 new homes were sold during the 12 months that ended in April, up from 473 for the year that ended in March.
As a percentage of overall housing closings, new home closings accounted for 7.3%. This marks a rise from 4.9% of total closings a year earlier. For new and existing homes, closings fell in April after also declining in March year-over-year.
Pricing and Mortgage Trends
In April, the average price for new home closings was $386,782, a 5.5% drop from last year. This decline compares to a 10.5% hike in March year-over-year.
The average mortgage size on newly sold homes saw a fall year-over-year in contrast to new home prices. It fell 12.9% in April from a year earlier to $328,766. In March 2014, average mortgage size gained 3.3% from a year earlier.