Madera, CA - Latest Figures for New Home Sales Suggest Market Climb Losing Steam
Posted on: May 07, 2012 09:26:12 AM
The Madera, CA market saw an increase in sales of new homes in February year-over-year, but the increase was less than January 2012. New home sales moved from five a year earlier to 11 after the figure moved from one in January 2011 to four in January 2012.
A total of 88 new homes were sold during the 12 months that ended in February, up from 82 for the year that ended in January.
New home sales were 11 out of 219 total sales, making up 5.0%. This is up on a percentage basis from five of 245 a year earlier. Following a year-over-year rise in January, sales of new and existing homes fell year-over-year in February.
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Pricing and Mortgage Trends
The average price for newly sold homes moved north to $152,682 from $127,000 a year ago. This came after a 14.1% hike in January year-over-year.
The average mortgage size went down to $142,191 from $151,479 a year earlier. Average mortgage size on new homes went from $152,940 in January 2011 to $169,560 in January 2012.
Madera, CA - Latest Figures for New Home Sales Suggest Market Climb Losing Steam
Posted on: May 07, 2012 09:26:12 AM
The Madera, CA market saw an increase in sales of new homes in February year-over-year, but the increase was less than January 2012. New home sales moved from five a year earlier to 11 after the figure moved from one in January 2011 to four in January 2012.
A total of 88 new homes were sold during the 12 months that ended in February, up from 82 for the year that ended in January.
New home sales were 11 out of 219 total sales, making up 5.0%. This is up on a percentage basis from five of 245 a year earlier. Following a year-over-year rise in January, sales of new and existing homes fell year-over-year in February.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $152,682 from $127,000 a year ago. This came after a 14.1% hike in January year-over-year.
The average mortgage size went down to $142,191 from $151,479 a year earlier. Average mortgage size on new homes went from $152,940 in January 2011 to $169,560 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 remained a burden on the market. Combined, foreclosures plus REO sales made up 75.0% of existing home sales. They represented 82.9% in February 2011. The percentage of existing home sales involving foreclosures declined to 34.6% in February from 45.8% a year earlier while REO sales as a percentage of existing home sales increased to 40.4% from 37.1%.
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Source: Housing Intelligence