Bakersfield, CA - Newest Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January
Posted on: May 06, 2012 09:13:22 AM
In the Bakersfield, CA market in February, sales of new homes climbed year-over-year, moving up after a fall in January 2012. New home sales saw a climb of 12.2% from the year earlier to 55 after sales slid 11.9% in January from the year earlier.
A total of 883 new homes were sold during the 12 months that ended in February, up from 877 for the year that ended in January.
Out of all housing sales, new home sales accounted for 4.7%. This is an increase on a percentage basis, as new home sales were 3.7% of total sales a year ago. For new and existing homes, sales sank in February after also declining in January year-over-year.
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Pricing and Mortgage Trends
In February, the average price of newly sold homes increased 11.7% year-over-year to $244,216 per unit. This rise is higher than the 9.0% 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. It increased to $220,536 in February, a 5.2% rise. In January 2012, average mortgage size on newly sold homes saw an 8.3% rise year-over-year from a year earlier. For new home sales, the average percentage of the price being financed fell 5.6 percentage points from a year earlier. It moved from 95.6% in January 2011 to 95.0% in January 2012.
Bakersfield, CA - Newest Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January
Posted on: May 06, 2012 09:13:22 AM
In the Bakersfield, CA market in February, sales of new homes climbed year-over-year, moving up after a fall in January 2012. New home sales saw a climb of 12.2% from the year earlier to 55 after sales slid 11.9% in January from the year earlier.
A total of 883 new homes were sold during the 12 months that ended in February, up from 877 for the year that ended in January.
Out of all housing sales, new home sales accounted for 4.7%. This is an increase on a percentage basis, as new home sales were 3.7% of total sales a year ago. For new and existing homes, sales sank in February after also declining in January year-over-year.
Pricing and Mortgage Trends
In February, the average price of newly sold homes increased 11.7% year-over-year to $244,216 per unit. This rise is higher than the 9.0% 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. It increased to $220,536 in February, a 5.2% rise. In January 2012, average mortgage size on newly sold homes saw an 8.3% rise year-over-year from a year earlier. For new home sales, the average percentage of the price being financed fell 5.6 percentage points from a year earlier. It moved from 95.6% in January 2011 to 95.0% in January 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family home sales have represented all of new home sales while attached unit sales have accounted for no part of sales.
The average unit size of newly sold homes dipped 2.6% year-over-year to 1,800 square feet in February 2012. In January, the average size of new homes sold went from 1,770 square feet a year earlier to 2,016 square feet.
Foreclosures and real estate owned (REO) sales decreased in February from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO sales represented 68.2% of existing home sales, below 79.8% a year earlier. The percentage of existing home sales involving foreclosures fell to 29.4% in February from 45.7% a year earlier while REO sales as a percentage of existing home sales rose to 38.8% from 34.1%.
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Source: Housing Intelligence