Salinas, CA - February 2012 - New Home Sales Figures Increase Similar to Year Earlier.
Posted on: May 07, 2012 09:42:05 AM
There was an increase in new home sales in the Salinas, CA market in February year-over-year, and the increase was similar to January 2012. New home sales moved from four a year earlier to 10 after the figure moved from two in January 2011 to five in January 2012.
A total of 74 new homes were sold during the 12 months that ended in February, up from 68 for the year that ended in January.
New home sales were 10 out of 372 total sales, making up 2.7%. This is up on a percentage basis from four of 430 a year earlier. Following a year-over-year decline in January, sales of new and existing homes also fell year-over-year in February.
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Pricing and Mortgage Trends
The average new home price in February 2012 went up to $302,600 from $264,750 a year ago. This followed a 4.5% decline in January from a year earlier.
The average mortgage size went down to $248,308 from $317,926 a year earlier. Average mortgage size on new homes went from $256,227 in January 2011 to $156,650 in January 2012.
Salinas, CA - February 2012 - New Home Sales Figures Increase Similar to Year Earlier.
Posted on: May 07, 2012 09:42:05 AM
There was an increase in new home sales in the Salinas, CA market in February year-over-year, and the increase was similar to January 2012. New home sales moved from four a year earlier to 10 after the figure moved from two in January 2011 to five in January 2012.
A total of 74 new homes were sold during the 12 months that ended in February, up from 68 for the year that ended in January.
New home sales were 10 out of 372 total sales, making up 2.7%. This is up on a percentage basis from four of 430 a year earlier. Following a year-over-year decline in January, sales of new and existing homes also fell year-over-year in February.
Pricing and Mortgage Trends
The average new home price in February 2012 went up to $302,600 from $264,750 a year ago. This followed a 4.5% decline in January from a year earlier.
The average mortgage size went down to $248,308 from $317,926 a year earlier. Average mortgage size on new homes went from $256,227 in January 2011 to $156,650 in January 2012.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up five of 10 new home sales after accounting for one of four a year earlier. Meanwhile, single-family homes made up five of 10 new home sales after making up three of four a year earlier.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Combined, foreclosures plus REO sales represented 59.4% of existing home sales. They accounted for 69.0% in February 2011. The percentage of existing home sales involving foreclosures declined to 30.1% in February from 34.7% a year earlier while REO sales as a percentage of existing home sales fell to 29.3% from 34.3% a year earlier.
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Source: Housing Intelligence