Latest Figures Show New Home Sales Increase in Chico, Prices Fall
Posted on: May 06, 2013 07:06:57 AM
Closings of new homes in the Chico, CA market jumped year-over-year in February, rebounding from a year-over-year decline in January 2013. New home closings moved from two a year earlier to five after the figure moved from 12 in January 2012 to seven in January 2013.
A total of 88 new homes were sold during the 12 months that ended in February, up from 85 for the year that ended in January.
New home closings were five of the 264 total closings, up on a percentage basis from two of 274 a year earlier. Following a year-over-year rise in January, closings of new and existing homes fell year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $300,500 in February 2013, down from $313,250 a year earlier. This was on the heels of a more than threefold rise in January year-over-year.
Average mortgage size on new homes went from $238,053 a year earlier to $268,044. Average mortgage size on new homes went from $192,843 in January 2012 to $295,755 in January 2013.