New Home Closings and Prices in Visalia Decrease According to Recent Figures
Posted on: Mar 06, 2014 07:44:52 AM
New home closings slid year-over-year in December in the Visalia, CA market, swinging downward off a year-over-year surge in November 2013. New home closings saw a 26.0% drop from a year earlier to 54. This came after a 50.0% hike year-over-year in November.
A total of 479 new homes were sold during the 12 months that ended in December, down from 498 for the year that ended in November.
Out of all housing closings, new home closings accounted for 12.3%. A year earlier, new home closings represented 12.6% of total closings. For new and existing homes, closings sank in December after also declining in November year-over-year.
Pricing and Mortgage Trends
In December, there was a 5.4% decline year-over-year in the average per-unit price of newly sold homes, settling at $209,532. This fall is a drop off from the 9.9% drop in November from a year earlier.
In contrast to new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size rose to $207,075 in December, marking a 3.0% boost compared with a year earlier. In November 2013, average mortgage size on newly sold homes saw a 9.7% decline from a year earlier.