Chico, CA - Newest Figures for New Home Sales Suggest Market Climb Losing Steam
Posted on: May 06, 2012 09:19:57 AM
The Chico, CA market saw a rise in new home sales in February year-over-year, but the increase was less than January 2012. New home sales moved from one a year earlier to three after the figure moved from one in January 2011 to 13 in January 2012.
A total of 70 new homes were sold during the 12 months that ended in February, up from 68 for the year that ended in January.
Three of the 266 total sales were new home sales, a shift on a percentage basis from one out of 251 a year earlier. Sales of new and existing homes increased year-over-year in February after also rising in January year-over-year.
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Pricing and Mortgage Trends
The average new home price was $222,167, down from $300,000 a year earlier. This followed a 46.7% fall in January from a year earlier.
Average mortgage size on new homes fell from $306,450 to $175,022. Average mortgage size on new homes went from $122,050 in January 2011 to $140,572 in January 2012.
Chico, CA - Newest Figures for New Home Sales Suggest Market Climb Losing Steam
Posted on: May 06, 2012 09:19:57 AM
The Chico, CA market saw a rise in new home sales in February year-over-year, but the increase was less than January 2012. New home sales moved from one a year earlier to three after the figure moved from one in January 2011 to 13 in January 2012.
A total of 70 new homes were sold during the 12 months that ended in February, up from 68 for the year that ended in January.
Three of the 266 total sales were new home sales, a shift on a percentage basis from one out of 251 a year earlier. Sales of new and existing homes increased year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $222,167, down from $300,000 a year earlier. This followed a 46.7% fall in January from a year earlier.
Average mortgage size on new homes fell from $306,450 to $175,022. Average mortgage size on new homes went from $122,050 in January 2011 to $140,572 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 homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales fell in February from a year earlier, but remained a burden on the market. Together, foreclosures plus REO sales accounted for 57.0% of existing home sales, down from 68.4% a year earlier. The percentage of existing home sales involving foreclosures sank to 24.0% in February from 38.0% a year earlier while REO sales as a percentage of existing home sales rose to 33.1% from 30.4%.
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Source: Housing Intelligence