Los Angeles, CA - Newest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:25:20 AM
There was a rise in sales of new homes in the Los Angeles, CA market in February year-over-year, rebounding from a year-over-year decline in January 2012. New home sales saw a 22.7% rise from a year earlier to 470. In comparison, new home sales in the same month last year saw a 10.7% fall year-over-year in January.
A total of 5,334 new homes were sold during the 12 months that ended in February, up from 5,247 for the year that ended in January.
Out of all housing sales, new home sales accounted for 4.8%. They made up 4.0% of sales a year earlier. Sales of new and existing homes rose year-over-year in February following a decline in January year-over-year.
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Pricing and Mortgage Trends
Average value of new homes sold in February was $453,980 per unit, down 14.1% from a year earlier. This drop is larger than the 12.7% decline in January from a year earlier.
The average mortgage size on newly sold homes fell year-over-year in contrast to the average price of new homes. In February 2012, the average mortgage size on newly sold homes saw a 10.0% decline from a year earlier. In January 2012, average mortgage size slid 12.5% from a year earlier. From a year earlier, the percentage of new home sale price being financed saw a 3.6 percentage point rise. It went from 73.2% in January 2011 to 73.4% in January 2012.
Los Angeles, CA - Newest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:25:20 AM
There was a rise in sales of new homes in the Los Angeles, CA market in February year-over-year, rebounding from a year-over-year decline in January 2012. New home sales saw a 22.7% rise from a year earlier to 470. In comparison, new home sales in the same month last year saw a 10.7% fall year-over-year in January.
A total of 5,334 new homes were sold during the 12 months that ended in February, up from 5,247 for the year that ended in January.
Out of all housing sales, new home sales accounted for 4.8%. They made up 4.0% of sales a year earlier. Sales of new and existing homes rose year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in February was $453,980 per unit, down 14.1% from a year earlier. This drop is larger than the 12.7% decline in January from a year earlier.
The average mortgage size on newly sold homes fell year-over-year in contrast to the average price of new homes. In February 2012, the average mortgage size on newly sold homes saw a 10.0% decline from a year earlier. In January 2012, average mortgage size slid 12.5% from a year earlier. From a year earlier, the percentage of new home sale price being financed saw a 3.6 percentage point rise. It went from 73.2% in January 2011 to 73.4% in January 2012.
Other Market Trends
The percentage of new home sales belonging to single-family homes has risen from last year while the portion of new home sales belonging to attached units has dropped. Single-family home sales increased from 37.9% of new sales in February 2011 to 58.9% of sales in February 2012. Conversely, the share of new home sales belonging to attached units fell to 41.1% of sales from 62.1% of sales.
There was a 13.9% drop year-over-year in the average unit size of newly sold homes to 1,445 square feet in February 2012. This fall was somewhat shallower than the price drop, which also happened in January 2012 when the average size of new homes sold slipped 5.4% to 1,609 square feet from a year earlier.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Together, foreclosures plus REO sales accounted for 49.4% of existing home sales. They made up 56.4% in February 2011. The percentage of existing home sales involving foreclosures dipped to 24.3% in February from 30.2% a year earlier while REO sales as a percentage of existing home sales declined to 25.0% from 26.3% a year earlier.
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Source: Housing Intelligence