Riverside, CA - Freshest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:40:01 AM
There was an increase in sales of new homes in the Riverside, CA market in February year-over-year, moving north after a fall in January 2012. Sales rose 17.0% from a year earlier to 262, relative to a 23.1% decline in January from the year earlier.
A total of 3,669 new homes were sold during the 12 months that ended in February, up from 3,631 for the year that ended in January.
As a percentage of overall housing sales, new home sales accounted for 3.7% of overall housing sales. A year ago, new home sales made up 2.9%. Following a year-over-year decline in January, sales of new and existing homes also dipped year-over-year in February.
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Pricing and Mortgage Trends
Average price of newly sold homes had a 5.6% rise year-over-year to $320,343 per unit in February. This rise is smaller than the 8.2% rise in January year-over-year.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. The average mortgage size rose to $274,385 in February, marking a 2.2% rise compared with a year earlier. In January 2012, average mortgage size rose 6.8% from a year earlier. The overall percentage of sale price that was being financed fell 2.8 percentage points year-over-year to 85.7% in February 2012.
Riverside, CA - Freshest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:40:01 AM
There was an increase in sales of new homes in the Riverside, CA market in February year-over-year, moving north after a fall in January 2012. Sales rose 17.0% from a year earlier to 262, relative to a 23.1% decline in January from the year earlier.
A total of 3,669 new homes were sold during the 12 months that ended in February, up from 3,631 for the year that ended in January.
As a percentage of overall housing sales, new home sales accounted for 3.7% of overall housing sales. A year ago, new home sales made up 2.9%. Following a year-over-year decline in January, sales of new and existing homes also dipped year-over-year in February.
Pricing and Mortgage Trends
Average price of newly sold homes had a 5.6% rise year-over-year to $320,343 per unit in February. This rise is smaller than the 8.2% rise in January year-over-year.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. The average mortgage size rose to $274,385 in February, marking a 2.2% rise compared with a year earlier. In January 2012, average mortgage size rose 6.8% from a year earlier. The overall percentage of sale price that was being financed fell 2.8 percentage points year-over-year to 85.7% in February 2012.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home sales have moved from 95.5% of new home sales to 95.0% of sales while attached units have gone from 4.5% of sales to 5.0% of sales.
The average unit size of newly sold homes slipped 3.6% year-over-year to 2,354 square feet in February 2012. This decline was opposite the price rise, a pattern also seen in January 2012 when the average size of newly sold homes declined 4.5% to 2,265 square feet.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Combined, foreclosures plus REO sales accounted for 64.7% of existing home sales. They made up 72.0% in February 2011. The percentage of existing home sales involving foreclosures dipped to 30.5% in February from 39.1% a year earlier while REO sales as a percentage of existing home sales increased to 34.2% from 33.0%.
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Source: Housing Intelligence