Freshest Figures Show New Home Sales Climb in Santa Cruz, Prices Decrease
Posted on: May 06, 2013 07:33:31 AM
In the Santa Cruz, CA market in February, closings of new homes increased year-over-year, and the increase was greater than January 2013. New home closings moved from one a year earlier to eight after the figure moved from none in January 2012 to four in January 2013.
A total of 90 new homes were sold during the 12 months that ended in February, up from 83 for the year that ended in January.
New home closings were eight of the 224 total closings, up on a percentage basis from one of 210 a year earlier. Following a decline in January year-over-year, closings of new and existing homes rose year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2013 was $551,125, down from last year's $975,000. This came after a shift from no closings in January 2012 to an average price of $624,000 in January 2013.
Average mortgage size on newly sold homes saw a decline year-over-year from $780,000 to $426,790.
Freshest Figures Show New Home Sales Climb in Santa Cruz, Prices Decrease
Posted on: May 06, 2013 07:33:31 AM
In the Santa Cruz, CA market in February, closings of new homes increased year-over-year, and the increase was greater than January 2013. New home closings moved from one a year earlier to eight after the figure moved from none in January 2012 to four in January 2013.
A total of 90 new homes were sold during the 12 months that ended in February, up from 83 for the year that ended in January.
New home closings were eight of the 224 total closings, up on a percentage basis from one of 210 a year earlier. Following a decline in January year-over-year, closings of new and existing homes rose year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2013 was $551,125, down from last year's $975,000. This came after a shift from no closings in January 2012 to an average price of $624,000 in January 2013.
Average mortgage size on newly sold homes saw a decline year-over-year from $780,000 to $426,790.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached closings made up six of eight new home closings after accounting for no part of closings a year earlier. Meanwhile, single-family homes made up two of eight new home closings after making up all of closings a year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 23.6% of existing closings, lower than 46.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.5% in February from 25.8% a year earlier while REO closings as a percentage of existing home closings fell to 17.1% from 21.1% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Santa Cruz, CA area.
Source: Housing Intelligence