Modesto, CA - Freshest New Home Sales Figures Climb
Posted on: May 07, 2012 09:29:21 AM
In the Modesto, CA market, new home sales increased year-over-year in February, moving up after staying consistent in January from the year earlier. Sales stood at 16 in February after being six a year earlier and remaining unchanged at five in January from a year earlier.
A total of 117 new homes were sold during the 12 months that ended in February, up from 107 for the year that ended in January.
New home sales were 16 out of 767 total sales, making up 2.1%. This is up on a percentage basis from six of 940 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 new home price was $189,545, down from $237,700 a year earlier. This was on the heels of a 26.5% fall in January from a year earlier.
Average mortgage size on new homes fell from $248,338 to $202,763. Average mortgage size on new homes went from $238,465 in January 2011 to $157,737 in January 2012.
Modesto, CA - Freshest New Home Sales Figures Climb
Posted on: May 07, 2012 09:29:21 AM
In the Modesto, CA market, new home sales increased year-over-year in February, moving up after staying consistent in January from the year earlier. Sales stood at 16 in February after being six a year earlier and remaining unchanged at five in January from a year earlier.
A total of 117 new homes were sold during the 12 months that ended in February, up from 107 for the year that ended in January.
New home sales were 16 out of 767 total sales, making up 2.1%. This is up on a percentage basis from six of 940 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 new home price was $189,545, down from $237,700 a year earlier. This was on the heels of a 26.5% fall in January from a year earlier.
Average mortgage size on new homes fell from $248,338 to $202,763. Average mortgage size on new homes went from $238,465 in January 2011 to $157,737 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.
The average unit size of newly sold homes fell from 1,853 square feet a year earlier to 1,807 square feet.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales made up 68.2% of sales. In February 2011, they represented 77.4%. The percentage of existing home sales involving foreclosures declined to 34.4% in February from 39.8% a year earlier while REO sales as a percentage of existing home sales fell to 33.8% from 37.6% a year earlier.
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Source: Housing Intelligence