Recent Figures Show New Home Sales Gain in Bakersfield
Posted on: May 06, 2013 07:02:46 AM
Closings of new homes rose year-over-year in February in the Bakersfield, CA market, and the percentage bump that was sharper than January 2013 seems to indicate improving market conditions. New home closings saw a 98.2% climb from a year earlier to 113. This followed a 98.1% climb year-over-year in January.
A total of 1,348 new homes were sold during the 12 months that ended in February, up from 1,292 for the year that ended in January.
Out of all housing closings, new home closings accounted for 9.0%. This is up from the 5.1% of closings a year earlier. Closings of new and existing homes jumped year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes moved to $240,141 in February 2013 from $239,430 in February 2012. This followed a 14.8% rise in January year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 1.8% rise year-over-year to $217,221 in February. In January 2013, average mortgage size on newly sold homes saw a 9.4% rise year-over-year from a year earlier. For new home closings, the percentage of the sale price that was being financed rose 1.3 percentage points year-over-year to 90.5% in February 2013. This came after a 4.5 percentage point decline in January from a year earlier.