New Home Closings in Visalia Rise, Prices Fall According to Recent Figures
Posted on: Aug 08, 2014 11:55:27 AM
New home closings climbed year-over-year in May in the Visalia, CA market, but the increased on a percentage basis less sharlpy than April 2014, showing signs of market stabilization. Closings increased 2.1% from a year earlier to 48. In comparison, new home closings in the same month last year saw a 13.3% jump year-over-year in April.
A total of 557 new homes were sold during the 12 months that ended in May, up from 556 for the year that ended in April.
New home closings represented 9.3% of overall housing closings. As a part of the whole, new home closings were 9.0% a year earlier. Closings of new and existing homes saw a fall year-over-year in May after remaining steady in April year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 1.2% fall year-over-year to $223,958 per unit in May. This drop compares to a 2.6% gain in April year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. In May 2014, there was a 3.2% fall in the average mortgage size on new homes to $210,688. In April 2014, average mortgage size on newly sold homes saw a 8.6% bump year-over-year from a year earlier.