New Home Sales and Prices Both Gain in Santa Rosa According to Latest Data
Posted on: May 06, 2013 07:33:39 AM
In the Santa Rosa, CA market, closings of new homes grew year-over-year in February, moving north after staying level in January from the year earlierr. There was a climb of 20.0% in closings from last year to 18. This came after the closings figure stayed the same a year earlier.
A total of 234 new homes were sold during the 12 months that ended in February, up from 231 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 4.2%. This is an increase on a percentage basis, as new home closings were 3.1% of total closings a year ago. Following a year-over-year decline in January, closings of new and existing homes also fell year-over-year in February.
Pricing and Mortgage Trends
In February, there was a 31.5% gain year-over-year in the average price of newly sold homes, reaching $525,694 per unit. This boost is smaller than the 37.2% hike in January year-over-year.
For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. Average mortgage size declined by 4.0% from a year earlier, settling at $364,014 in February. Average mortgage size rose 51.9% in January 2013 from a year earlier. Of the overall sale price, the percentage that was being financed declined 25.6 percentage points year-over-year to 69.2% in February 2013. In January 2013, there was an 8.1 percentage point rise from a year earlier.
New Home Sales and Prices Both Gain in Santa Rosa According to Latest Data
Posted on: May 06, 2013 07:33:39 AM
In the Santa Rosa, CA market, closings of new homes grew year-over-year in February, moving north after staying level in January from the year earlierr. There was a climb of 20.0% in closings from last year to 18. This came after the closings figure stayed the same a year earlier.
A total of 234 new homes were sold during the 12 months that ended in February, up from 231 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 4.2%. This is an increase on a percentage basis, as new home closings were 3.1% of total closings a year ago. Following a year-over-year decline in January, closings of new and existing homes also fell year-over-year in February.
Pricing and Mortgage Trends
In February, there was a 31.5% gain year-over-year in the average price of newly sold homes, reaching $525,694 per unit. This boost is smaller than the 37.2% hike in January year-over-year.
For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. Average mortgage size declined by 4.0% from a year earlier, settling at $364,014 in February. Average mortgage size rose 51.9% in January 2013 from a year earlier. Of the overall sale price, the percentage that was being financed declined 25.6 percentage points year-over-year to 69.2% in February 2013. In January 2013, there was an 8.1 percentage point rise from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes increased from 80.0% in February 2012 to 94.4% of closings in February 2013. At the same time, the share of new home closings belonging to attached units slid to 5.6% of closings from 20.0% of closings.
Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings made up 27.6% of existing home closings, below 51.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 12.0% in February from 24.4% a year earlier while REO closings as a percentage of existing home closings dropped to 15.6% from 26.9% a year earlier.
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Source: Housing Intelligence