San Luis Obispo, CA - Freshest Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January
Posted on: May 07, 2012 09:43:53 AM
In February, sales of new homes grew year-over-year in the San Luis Obispo, CA market, rebounding from a year-over-year decline in January 2012. New home sales moved from six a year earlier to 14 after the figure moved from 11 in January 2011 to six in January 2012.
A total of 149 new homes were sold during the 12 months that ended in February, up from 141 for the year that ended in January.
New home sales were 14 out of 278 total sales, making up 5.0%. This is up on a percentage basis from six of 268 a year earlier. Sales of new and existing homes rose year-over-year in February following a decline in January year-over-year.
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Pricing and Mortgage Trends
The average new home price was $271,321 in February 2012, down from $311,333 a year earlier. This was on the heels of a 32.8% rise in January year-over-year.
Average mortgage size on new homes rose from $298,681 to $305,292. Average mortgage size on new homes went from $217,869 in January 2011 to $350,327 in January 2012.
San Luis Obispo, CA - Freshest Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January
Posted on: May 07, 2012 09:43:53 AM
In February, sales of new homes grew year-over-year in the San Luis Obispo, CA market, rebounding from a year-over-year decline in January 2012. New home sales moved from six a year earlier to 14 after the figure moved from 11 in January 2011 to six in January 2012.
A total of 149 new homes were sold during the 12 months that ended in February, up from 141 for the year that ended in January.
New home sales were 14 out of 278 total sales, making up 5.0%. This is up on a percentage basis from six of 268 a year earlier. Sales of new and existing homes rose year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $271,321 in February 2012, down from $311,333 a year earlier. This was on the heels of a 32.8% rise in January year-over-year.
Average mortgage size on new homes rose from $298,681 to $305,292. Average mortgage size on new homes went from $217,869 in January 2011 to $350,327 in January 2012.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up 10 of 14 new home sales after accounting for four of six a year earlier. Meanwhile, attached units made up four of 14 new home sales after making up two of six sales a year earlier.
The average unit size of newly sold homes fell from 1,737 square feet a year earlier to 1,386 square feet.
Foreclosures and real estate owned (REO) sales fell in February from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO sales accounted for 43.2% of existing home sales, below 58.8% a year earlier. The percentage of existing home sales involving foreclosures slipped to 22.7% in February from 29.8% a year earlier while REO sales as a percentage of existing home sales declined to 20.5% from 29.0% a year earlier.
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Source: Housing Intelligence