Recent Figures Show New Home Sales and Prices Gain in Los Angeles
Posted on: May 06, 2013 07:21:49 AM
There was an increase in closings of new homes in the Los Angeles, CA market in February year-over-year, but the increased on a percentage basis less sharlpy than January 2013, showing signs of market stabilization. New home closings saw a 2.8% rise from a year earlier to 409. In comparison, new home closings in the same month last year saw a 3.6% rise year-over-year in January.
A total of 5,522 new homes were sold during the 12 months that ended in February, up from 5,511 for the year that ended in January.
New home closings accounted for 4.6% of overall housing closings. They made up 4.1% of closings a year earlier. Closings of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price climbed 28.3% year-over-year in February to $624,442 per unit. This boost is higher than the 13.3% rise in January year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It rose to $462,346 in February, a 26.5% bump. Average mortgage size grew 12.8% in January 2013 from a year earlier. From a year earlier, the percentage of new home sale price being financed saw a 1.1 percentage point decline. It moved from 71.5% in January 2012 to 71.2% in January 2013.