Freshest Numbers For Fresno Show New Home Closings and Prices Gain
Posted on: May 06, 2013 07:13:04 AM
In February, closings of new homes in the Fresno, CA market rose year-over-year, and the market seemed to be improving as the percentage rise was larger than that of January 2013. Closings rose 8.7% from a year earlier to 75, compared with a 4.5% rise in January from the year earlier.
A total of 1,210 new homes were sold during the 12 months that ended in February, up from 1,204 for the year that ended in January.
Out of all housing closings, new home closings made up 7.9%. This is a rise from 5.3% of closings a year earlier. For new and existing homes, closings slid in February after also declining in January year-over-year.
Pricing and Mortgage Trends
For newly sold homes, there was a 12.7% boost year-over-year of average price in February, moving to $272,447. This is a reversal from the 12.9% fall in January from a year earlier.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. In February 2013, the average mortgage size was $231,374, up 5.8% from a year earlier. In January 2013, average mortgage size declined 12.3% from a year earlier. On average, the percentage of new home sale price that was being financed dipped 5.5 percentage points from a year earlier. It moved from 87.0% in January 2012 to 87.6% in January 2013.
Freshest Numbers For Fresno Show New Home Closings and Prices Gain
Posted on: May 06, 2013 07:13:04 AM
In February, closings of new homes in the Fresno, CA market rose year-over-year, and the market seemed to be improving as the percentage rise was larger than that of January 2013. Closings rose 8.7% from a year earlier to 75, compared with a 4.5% rise in January from the year earlier.
A total of 1,210 new homes were sold during the 12 months that ended in February, up from 1,204 for the year that ended in January.
Out of all housing closings, new home closings made up 7.9%. This is a rise from 5.3% of closings a year earlier. For new and existing homes, closings slid in February after also declining in January year-over-year.
Pricing and Mortgage Trends
For newly sold homes, there was a 12.7% boost year-over-year of average price in February, moving to $272,447. This is a reversal from the 12.9% fall in January from a year earlier.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. In February 2013, the average mortgage size was $231,374, up 5.8% from a year earlier. In January 2013, average mortgage size declined 12.3% from a year earlier. On average, the percentage of new home sale price that was being financed dipped 5.5 percentage points from a year earlier. It moved from 87.0% in January 2012 to 87.6% in January 2013.
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 2013. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
The average unit size of newly sold homes grew 24.3% year-over-year to 2,376 square feet in February 2013. An increase in both the average size and price of newly sold homes was also seen in January 2013 when the average size increased 25.8% to 2,684 square feet.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 45.4% of closings. In February 2012, they made up 53.4%. The percentage of existing home closings involving foreclosures declined to 18.8% in February from 26.2% a year earlier and REO closings moved from 27.2% of existing home closings in February 2012 to 26.6% in February 2013.
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Source: Housing Intelligence