Freshest Numbers Show New Home Closings Gain in San Diego, Prices Decrease
Posted on: May 06, 2013 07:32:49 AM
There was a rise in closings of new homes in the San Diego, CA market in February year-over-year, and the percentage bump was higher than January 2013, implying the market may be improving. New home closings saw an 82.7% boost from a year earlier to 232. This came after a 30.2% rise year-over-year in January.
A total of 2,856 new homes were sold during the 12 months that ended in February, up from 2,751 for the year that ended in January.
Of 3,201 total closings, 232 were of new homes. This is up from the 4.1% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes also rose year-over-year in February.
Pricing and Mortgage Trends
Average price of newly sold homes had an 11.4% decline year-over-year to $470,274 per unit in February. This fall is a swing down from an 8.0% rise in January year-over-year.
In February 2013, average mortgage size on newly sold homes moved from $393,984 to $390,831 from February 2012. Average mortgage size went from $451,714 in January 2012 to $447,415 in January 2013. For new home closings, the percentage of the sale price that was being financed increased 8.9 percentage points year-over-year to 83.1% in February 2013. This came after a 6.8 percentage point decline in January from a year earlier.
Freshest Numbers Show New Home Closings Gain in San Diego, Prices Decrease
Posted on: May 06, 2013 07:32:49 AM
There was a rise in closings of new homes in the San Diego, CA market in February year-over-year, and the percentage bump was higher than January 2013, implying the market may be improving. New home closings saw an 82.7% boost from a year earlier to 232. This came after a 30.2% rise year-over-year in January.
A total of 2,856 new homes were sold during the 12 months that ended in February, up from 2,751 for the year that ended in January.
Of 3,201 total closings, 232 were of new homes. This is up from the 4.1% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes also rose year-over-year in February.
Pricing and Mortgage Trends
Average price of newly sold homes had an 11.4% decline year-over-year to $470,274 per unit in February. This fall is a swing down from an 8.0% rise in January year-over-year.
In February 2013, average mortgage size on newly sold homes moved from $393,984 to $390,831 from February 2012. Average mortgage size went from $451,714 in January 2012 to $447,415 in January 2013. For new home closings, the percentage of the sale price that was being financed increased 8.9 percentage points year-over-year to 83.1% in February 2013. This came after a 6.8 percentage point decline in January from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings rose from 55.9% of new closings in February 2012 to 63.4% of closings in February 2013. Meanwhile, attached units as a percentage of all new home closings fell to 36.6% of closings from 44.1% of closings.
The average unit size of newly sold homes sank 29.7% year-over-year to 1,754 square feet in February 2013. A decline was also seen in January 2013 when the average size of new homes sold declined 11.6% to 2,193 square feet.
Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings accounted for 26.4% of existing home closings, down from 47.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 10.6% in February from 21.7% a year earlier while REO closings as a percentage of existing home closings dropped to 15.8% from 25.9% a year earlier.
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Source: Housing Intelligence