New Home Sales and Prices Decrease in Madera According to Newest Data
Posted on: May 06, 2013 07:22:30 AM
In the Madera, CA market in February, closings of new homes dropped year-over-year, and the decline was by a larger percentage than the January 2013. New home closings moved from 11 a year earlier to five after the figure moved from four in January 2012 to two in January 2013.
A total of 71 new homes were sold during the 12 months that ended in February, down from 77 for the year that ended in January.
Out of 172 total closings, five were of new homes, which makes up a smaller percentage than the 11 out of 219 total closings last year. Closings of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $138,000, down from $152,682 a year earlier. This came after a 25.1% decline in January from a year earlier.
There was a decline in average mortgage size on new homes, going from $142,191 last year to $137,937 in February 2013. Average mortgage size on new homes went from $169,560 in January 2012 to $159,668 in January 2013.
New Home Sales and Prices Decrease in Madera According to Newest Data
Posted on: May 06, 2013 07:22:30 AM
In the Madera, CA market in February, closings of new homes dropped year-over-year, and the decline was by a larger percentage than the January 2013. New home closings moved from 11 a year earlier to five after the figure moved from four in January 2012 to two in January 2013.
A total of 71 new homes were sold during the 12 months that ended in February, down from 77 for the year that ended in January.
Out of 172 total closings, five were of new homes, which makes up a smaller percentage than the 11 out of 219 total closings last year. Closings of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $138,000, down from $152,682 a year earlier. This came after a 25.1% decline in January from a year earlier.
There was a decline in average mortgage size on new homes, going from $142,191 last year to $137,937 in February 2013. Average mortgage size on new homes went from $169,560 in January 2012 to $159,668 in January 2013.
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 2013. Single-family homes continued to account for all of new home closings.
The average unit size of newly sold homes fell from 1,856 square feet a year earlier to 1,404 square feet.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings accounted for 47.9% of existing home closings, down from 75.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 21.6% in February from 34.6% a year earlier while REO closings as a percentage of existing home closings dropped to 26.3% from 40.4% a year earlier.
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Source: Housing Intelligence