Hanford, CA - Freshest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:15:20 AM
There was a rise in new home sales in the Hanford, CA market in February year-over-year, rebounding from a year-over-year decline in January 2012. New home sales moved from five a year earlier to eight after the figure moved from seven in January 2011 to three in January 2012.
A total of 98 new homes were sold during the 12 months that ended in February, up from 95 for the year that ended in January.
New home sales were eight of the 128 total sales, up on a percentage basis from five of 150 a year earlier. For new and existing homes, sales fell in February after also declining in January year-over-year.
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Pricing and Mortgage Trends
The average new home price in February 2012 went up to $278,214 from $243,800 a year ago. This followed a 21.6% decline in January from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $263,500 to $216,472. Average mortgage size on new homes went from $235,509 in January 2011 to $190,813 in January 2012.
Hanford, CA - Freshest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:15:20 AM
There was a rise in new home sales in the Hanford, CA market in February year-over-year, rebounding from a year-over-year decline in January 2012. New home sales moved from five a year earlier to eight after the figure moved from seven in January 2011 to three in January 2012.
A total of 98 new homes were sold during the 12 months that ended in February, up from 95 for the year that ended in January.
New home sales were eight of the 128 total sales, up on a percentage basis from five of 150 a year earlier. For new and existing homes, sales fell in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average new home price in February 2012 went up to $278,214 from $243,800 a year ago. This followed a 21.6% decline in January from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $263,500 to $216,472. Average mortgage size on new homes went from $235,509 in January 2011 to $190,813 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 drag on the market. Together, foreclosures plus REO sales made up 68.3% of existing home sales, down from 80.7% a year earlier. The percentage of existing home sales involving foreclosures slid to 20.8% in February from 44.8% a year earlier while REO sales as a percentage of existing home sales rose to 47.5% from 35.9%.
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Source: Housing Intelligence