Latest Numbers Show Prices of New Homes Climb in Vallejo, Sales Drop
Posted on: Apr 06, 2014 07:44:07 AM
New home closings in the Vallejo, CA market sank year-over-year in January, sliding down after a rise in December 2013. Closings declined 28.9% from a year earlier to 27. This followed a 3.0% boost year-over-year in December.
A total of 486 new homes were sold during the 12 months that ended in January, down from 497 for the year that ended in December.
Out of all housing closings, new home closings represented 5.7%. They accounted for 6.7% of closings a year earlier. Closings of new and existing homes sank year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $381,056 per unit in January, up 8.6%from a year earlier. This rise is smaller than the 16.4% bump in December year-over-year.
Average mortgage size on new homes climbed year-over-year along with new home prices. In January 2014, there was a 2.4% bump in the average mortgage size, reaching $326,999. In December 2013, average mortgage size increased 8.3% from a year earlier.