El Centro, CA - Latest New Home Sales Numbers Give Hints Market Fall is Slowing
Posted on: May 06, 2012 09:24:59 AM
In the El Centro, CA market in February, sales of new homes dropped year-over-year, but the decline was less than the year-over-year decline in January. New home sales moved from eight a year earlier to five after the figure moved from six in January 2011 to two in January 2012.
A total of 101 new homes were sold during the 12 months that ended in February, down from 104 for the year that ended in January.
New home sales were five out of the 179 total sales, a move on a percentage basis from eight of 214 a year earlier. Following a year-over-year decline in January, sales of new and existing homes also sank year-over-year in February.
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Pricing and Mortgage Trends
The average new home price in February 2012 went down to $188,625 from $193,313 last year. This followed a 7.1% rise in January year-over-year.
From the year-ago figure of $187,450, the average mortgage size on new homes moved up to $189,473. Average mortgage size on new homes went from $188,403 in January 2011 to $175,437 in January 2012.
El Centro, CA - Latest New Home Sales Numbers Give Hints Market Fall is Slowing
Posted on: May 06, 2012 09:24:59 AM
In the El Centro, CA market in February, sales of new homes dropped year-over-year, but the decline was less than the year-over-year decline in January. New home sales moved from eight a year earlier to five after the figure moved from six in January 2011 to two in January 2012.
A total of 101 new homes were sold during the 12 months that ended in February, down from 104 for the year that ended in January.
New home sales were five out of the 179 total sales, a move on a percentage basis from eight of 214 a year earlier. Following a year-over-year decline in January, sales of new and existing homes also sank year-over-year in February.
Pricing and Mortgage Trends
The average new home price in February 2012 went down to $188,625 from $193,313 last year. This followed a 7.1% rise in January year-over-year.
From the year-ago figure of $187,450, the average mortgage size on new homes moved up to $189,473. Average mortgage size on new homes went from $188,403 in January 2011 to $175,437 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 decreased in February from a year earlier, but stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales represented 67.8% of sales, below 80.6% a year earlier. The percentage of existing home sales involving foreclosures declined to 35.1% in February from 41.3% a year earlier while REO sales as a percentage of existing home sales fell to 32.8% from 39.3% a year earlier.
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Source: Housing Intelligence