New Home Closings and Prices in Vallejo Climb According to Recent Figures
Posted on: May 06, 2013 07:37:59 AM
In the Vallejo, CA market, closings of new homes climbed year-over-year in February, but with a less pronounced percentage gain than January 2013, there are suggestions of market stabilization. New home closings gained by 48.4% in February 2013 from a year earlier, after closings saw a 55.2% hike in January from the year earlier.
A total of 599 new homes were sold during the 12 months that ended in February, up from 584 for the year that ended in January.
New home closings made up 8.5% of overall housing closings. This is an increase on a percentage basis, as new home closings were 4.2% of total closings a year ago. For new and existing homes, closings sank in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $334,239 per unit in February, up 2.3%from a year earlier. This rise is smaller than the 17.6% lift in January year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. In February 2013, the average mortgage size was $321,668, a 5.8% rise from a year earlier. Average mortgage size increased 1.6% in January 2013 from a year earlier.