Recent Numbers Show New Home Closings Climb in Hanford, Prices Decrease
Posted on: May 06, 2013 07:15:06 AM
In the Hanford, CA market in February, closings of new homes jumped year-over-year, but the increase was less than January 2013. New home closings moved from nine a year earlier to 11 after the figure moved from three in January 2012 to 17 in January 2013.
A total of 174 new homes were sold during the 12 months that ended in February, up from 172 for the year that ended in January.
New home closings were 11 of the 117 total closings, up on a percentage basis from nine of 127 a year earlier. Following a year-over-year increase in January, closings of new and existing homes fell year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $243,921 in February 2013, down from $273,750 a year earlier. This was on the heels of a 23.7% surge in January year-over-year.
Average mortgage size on new homes increased to $235,179 from $219,312 last year. Average mortgage size on new homes went from $190,813 in January 2012 to $237,255 in January 2013. From a year earlier, the percentage of new home sale price being financed saw a 16.3 percentage point lift. It went from 98.0% in January 2012 to 98.6% in January 2013.