Redding, CA - Latest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:39:22 AM
There was a rise in sales of new homes in the Redding, CA market in February year-over-year, rebounding from a year-over-year decline in January 2012. New home sales moved from six a year earlier to 12 after the figure moved from seven in January 2011 to four in January 2012.
A total of 56 new homes were sold during the 12 months that ended in February, up from 50 for the year that ended in January.
New home sales were 12 of the 252 total sales, up on a percentage basis from six of 207 a year earlier. Sales of new and existing homes grew year-over-year in February after also rising in January year-over-year.
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Pricing and Mortgage Trends
The average new home price was $208,333, down from $220,000 a year earlier. This followed a 2.0% decline in January from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $213,651 to $147,055. Average mortgage size on new homes went from $199,970 in January 2011 to $179,998 in January 2012. The overall percentage of sale price that was being financed declined 26.5 percentage points year-over-year to 70.6% in February 2012.
Redding, CA - Latest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:39:22 AM
There was a rise in sales of new homes in the Redding, CA market in February year-over-year, rebounding from a year-over-year decline in January 2012. New home sales moved from six a year earlier to 12 after the figure moved from seven in January 2011 to four in January 2012.
A total of 56 new homes were sold during the 12 months that ended in February, up from 50 for the year that ended in January.
New home sales were 12 of the 252 total sales, up on a percentage basis from six of 207 a year earlier. Sales of new and existing homes grew year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $208,333, down from $220,000 a year earlier. This followed a 2.0% decline in January from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $213,651 to $147,055. Average mortgage size on new homes went from $199,970 in January 2011 to $179,998 in January 2012. The overall percentage of sale price that was being financed declined 26.5 percentage points year-over-year to 70.6% in February 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 declined in February from a year earlier, but remained a burden on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 62.9% of sales, below 77.1% a year earlier. The percentage of existing home sales involving foreclosures dropped to 31.7% in February from 45.3% a year earlier and REO sales moved from 31.8% of existing home sales in February 2011 to 31.2% in February 2012.
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Source: Housing Intelligence