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.