Santa Rosa, CA - Newest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 07, 2012 09:45:39 AM
In the Santa Rosa, CA market, new home sales increased year-over-year in February, and the increase was greater than January 2012. New home sales moved from four a year earlier to 17 after the figure moved from eight in January 2011 to 19 in January 2012.
A total of 237 new homes were sold during the 12 months that ended in February, up from 224 for the year that ended in January.
New home sales were 17 out of 433 total sales, making up 3.9%. This is up on a percentage basis from four of 378 a year earlier. For new and existing homes, sales gained year-over-year in February after also increasing in January year-over-year.
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Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $372,618, down from last year's $437,000. This was on the heels of a 26.3% decline in January from a year earlier.
From the year-ago figure of $314,100, the average mortgage size on new homes moved up to $345,113. Average mortgage size on new homes went from $283,349 in January 2011 to $217,848 in January 2012. Of the overall sale price, the percentage that was being financed rose 20.7 percentage points year-over-year to 92.6% in February 2012.
Santa Rosa, CA - Newest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 07, 2012 09:45:39 AM
In the Santa Rosa, CA market, new home sales increased year-over-year in February, and the increase was greater than January 2012. New home sales moved from four a year earlier to 17 after the figure moved from eight in January 2011 to 19 in January 2012.
A total of 237 new homes were sold during the 12 months that ended in February, up from 224 for the year that ended in January.
New home sales were 17 out of 433 total sales, making up 3.9%. This is up on a percentage basis from four of 378 a year earlier. For new and existing homes, sales gained year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $372,618, down from last year's $437,000. This was on the heels of a 26.3% decline in January from a year earlier.
From the year-ago figure of $314,100, the average mortgage size on new homes moved up to $345,113. Average mortgage size on new homes went from $283,349 in January 2011 to $217,848 in January 2012. Of the overall sale price, the percentage that was being financed rose 20.7 percentage points year-over-year to 92.6% in February 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 13 of 17 new home sales after accounting for two of four a year earlier. Meanwhile, attached units made up four of 17 new home sales after making up two of four sales a year earlier.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales represented 52.4% of sales. In February 2011, they accounted for 60.7%. The percentage of existing home sales involving foreclosures declined to 24.8% in February from 34.2% a year earlier while REO sales as a percentage of existing home sales increased to 27.6% from 26.5%.
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Source: Housing Intelligence