Freshest Figures Show New Home Sales and Prices Gain in Harrisburg
Posted on: May 06, 2013 07:15:14 AM
New home closings grew year-over-year in February in the Harrisburg, CA market, swinging upward off a decline in January 2013. New home closings saw a 21.2% jump from a year earlier to 40 after closings slumped 57.9% in January from the year earlier.
A total of 570 new homes were sold during the 12 months that ended in February, up from 563 for the year that ended in January.
New home closings made up 11.6% of overall housing closings. This marks a rise from 9.6% of total closings a year earlier. Following a decline in January year-over-year, closings of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes rose year-over-year to $291,375 per unit, a 4.7% rise. This rise is smaller than the 16.1% gain in January year-over-year.
In February 2013, average mortgage size on newly sold homes moved from $228,414 to $228,046 from February 2012. In January 2013, average mortgage size on newly sold homes saw a 10.2% bump year-over-year from a year earlier. Of the overall sale price, the percentage that was being financed declined 3.8 percentage points year-over-year to 78.3% in February 2013.
Freshest Figures Show New Home Sales and Prices Gain in Harrisburg
Posted on: May 06, 2013 07:15:14 AM
New home closings grew year-over-year in February in the Harrisburg, CA market, swinging upward off a decline in January 2013. New home closings saw a 21.2% jump from a year earlier to 40 after closings slumped 57.9% in January from the year earlier.
A total of 570 new homes were sold during the 12 months that ended in February, up from 563 for the year that ended in January.
New home closings made up 11.6% of overall housing closings. This marks a rise from 9.6% of total closings a year earlier. Following a decline in January year-over-year, closings of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes rose year-over-year to $291,375 per unit, a 4.7% rise. This rise is smaller than the 16.1% gain in January year-over-year.
In February 2013, average mortgage size on newly sold homes moved from $228,414 to $228,046 from February 2012. In January 2013, average mortgage size on newly sold homes saw a 10.2% bump year-over-year from a year earlier. Of the overall sale price, the percentage that was being financed declined 3.8 percentage points year-over-year to 78.3% in February 2013.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have gained from last year while closings of single-family homes have slumped. Attached unit closings increased from 3.0% of all closings in February 2012 to 10.0% of closings in February 2013. Meanwhile, single-family home closings as a percentage of all new home closings slid to 90.0% of closings from 97.0% of closings.
The average unit size of newly sold homes declined 31.2% year-over-year to 1,686 square feet in February 2013. The average size of newly sold homes moved from 1,829 square feet in January 2012 to 3,178 square feet in January 2013.
Foreclosures and real estate owned (REO) closings did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 22.2% of existing home closings. In February 2012, they accounted for 20.9%. The percentage of existing home closings involving foreclosures rose to 5.9% in February from 3.9% a year earlier and REO closings moved from 17.0% of existing home closings in February 2012 to 16.3% in February 2013.
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Source: Housing Intelligence