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Stockton, CA - Newest Figures for New Home Sales Suggest Climb Gaining Steam

Posted on: May 07, 2012 09:50:29 AM

The Stockton, CA market saw an increase in sales of new homes in February year-over-year, and the percentage lift that was sharper than January 2012 seems to indicate improving market conditions. New home sales gained by 31.4% in February 2012 from a year earlier, after sales saw a 21.9% hike in January from the year earlier.

A total of 655 new homes were sold during the 12 months that ended in February, up from 644 for the year that ended in January.

Of 1,052 total sales, 46 were of new homes. This is an increase on a percentage basis, as new home sales were 3.2% of total sales a year ago. For new and existing homes, sales declined in February after also declining in January year-over-year.

Pricing and Mortgage Trends

The average price of new homes dropped by 12.9% year-over-year to $267,047 per unit in February. This drop a drop off from the 14.0% decline in January from a year earlier.

For newly sold homes, the average mortgage size saw a drop year-over-year in contrast to new home prices. The average mortgage size fell to $230,033 in February, marking a 13.3% decline compared with last year. In January 2012, average mortgage size on newly sold homes saw a 1.8% rise year-over-year from a year earlier. For newly sold homes, the percentage of sale price being financed moved to 86.1% from a year earlier figure of 86.5%. In January 2012, the figure saw a 14.2 percentage point hike from the year earlier.

Other Market Trends

The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. The share of new home sales belonging to attached units climbed from no part of sales in February 2011 to 2.2% of sales in February 2012. Conversely, the share belonging to single-family homes sank to 97.8% of sales from all of sales.

There was a 1.1% rise year-over-year in the average unit size of newly sold homes to 2,308 square feet in February 2012. This rise was opposite the price fall, a pattern also seen in January 2012 when the average size of newly sold homes increased 4.5% to 2,333 square feet.

Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 66.8% of sales. In February 2011, they represented 76.1%. The percentage of existing home sales involving foreclosures dipped to 32.6% in February from 38.1% a year earlier while REO sales as a percentage of existing home sales slipped to 34.2% from 38.0% a year earlier.

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