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San Diego, CA - Freshest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January

Posted on: May 07, 2012 09:43:15 AM

Sales of new homes rose year-over-year in February in the San Diego, CA market, on an upswing after a decline in January 2012. New home sales saw a rise of 16.5% from the year earlier to 127 after sales fell 8.3% in January from the year earlier.

A total of 2,071 new homes were sold during the 12 months that ended in February, up from 2,053 for the year that ended in January.

As a percentage of overall housing sales, new home sales made up 4.1% of overall housing sales. A year earlier, new home sales represented 3.4% of total sales. Sales of new and existing homes declined year-over-year in February after also falling in January year-over-year.

Pricing and Mortgage Trends

Average price of newly sold homes saw a 15.4% fall year-over-year in February to $475,744 per unit. This drop is larger than the 1.8% decline in January from a year earlier.

The average mortgage size on newly sold homes dipped year-over-year in contrast to the average price of new homes. It fell 9.9% in February from a year earlier to $385,196. In January 2012, average mortgage size on newly sold homes saw a 1.7% decline from a year earlier. For new home sales, the percentage of the sale price that was being financed increased 5.0 percentage points year-over-year to 81.0% in February 2012. This comes after the figure remained relatively unchanged at 81.7% in January 2012.

Other Market Trends

There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home sales have moved from 57.8% of new home sales to 58.3% of sales while attached units have gone from 42.2% of sales to 41.7% of sales.

There was an 11.5% fall year-over-year in the average unit size of newly sold homes to 2,050 square feet in February 2012. A decrease in both the average size and price of newly sold homes was also seen in January 2012 when the average size rose 8.7% to 2,091 square feet.

Foreclosures and real estate owned (REO) sales declined in February from a year earlier, but remained a drag on the market. Out of all existing home sales, foreclosures combined with REO sales made up 47.6% of sales, below 58.0% a year earlier. The percentage of existing home sales involving foreclosures slipped to 21.8% in February from 30.5% a year earlier while REO sales as a percentage of existing home sales dipped to 25.8% from 27.5% a year earlier.

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