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.