Newest Figures Show New Home Prices Gain, Sales Drop in Vallejo
Posted on: Aug 08, 2014 11:54:42 AM
New home closings in the Vallejo, CA market sank year-over-year in May, swinging downward off a year-over-year lift in April 2014. New home closings saw a 15.6% decline from a year earlier to 38. In comparison, new home closings in the same month last year saw a 18.2% climb year-over-year in April.
A total of 465 new homes were sold during the 12 months that ended in May, down from 472 for the year that ended in April.
Out of all housing closings, new home closings accounted for 6.8%. A year earlier, new home closings accounted for 7.3% of total closings. Closings of new and existing homes declined year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $408,566 per unit in May, up 5.6%from a year earlier. This lift compares to a 5.5% fall in April from a year earlier.
For newly sold homes, the average mortgage size saw a rise year-over-year along with new home prices. In May 2014, the average mortgage size was $344,973, up 2.4% from a year earlier. Average mortgage size slid 12.9% in April 2014 from a year earlier.