Merced, CA - Latest New Home Sales Numbers Climb Year-Over-Year in February After Drop Year-Over-Year in January
Posted on: May 07, 2012 09:28:03 AM
There was a rise in new home sales in the Merced, CA market in February year-over-year, rebounding from a year-over-year decline in January 2012. New home sales moved from two a year earlier to three after the figure moved from nine in January 2011 to two in January 2012.
A total of 58 new homes were sold during the 12 months that ended in February, up from 57 for the year that ended in January.
New home sales were three out of the 254 total sales, a move on a percentage basis from two of 426 a year earlier. Sales of new and existing homes slid year-over-year in February after also falling in January year-over-year.
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Pricing and Mortgage Trends
The average price for newly sold homes moved north to $261,250 from $170,000 a year ago. This came after a set of periods with no new home sales in both January 2012 or January 2011
Average mortgage size on new homes rose from $175,958 to $254,747.
Merced, CA - Latest New Home Sales Numbers Climb Year-Over-Year in February After Drop Year-Over-Year in January
Posted on: May 07, 2012 09:28:03 AM
There was a rise in new home sales in the Merced, CA market in February year-over-year, rebounding from a year-over-year decline in January 2012. New home sales moved from two a year earlier to three after the figure moved from nine in January 2011 to two in January 2012.
A total of 58 new homes were sold during the 12 months that ended in February, up from 57 for the year that ended in January.
New home sales were three out of the 254 total sales, a move on a percentage basis from two of 426 a year earlier. Sales of new and existing homes slid year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $261,250 from $170,000 a year ago. This came after a set of periods with no new home sales in both January 2012 or January 2011
Average mortgage size on new homes rose from $175,958 to $254,747.
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.
The average unit size of newly sold homes fell from 1,988 square feet a year earlier to 1,946 square feet.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales accounted for 72.9% of existing home sales. They made up 82.5% in February 2011. The percentage of existing home sales involving foreclosures declined to 35.9% in February from 47.6% a year earlier while REO sales as a percentage of existing home sales rose to 37.1% from 34.9%.
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Source: Housing Intelligence