Vallejo, CA - Freshest New Home Sales Numbers Suggest Market Rise Strengthening.
Posted on: May 07, 2012 09:53:52 AM
In the Vallejo, CA market, new home sales rose year-over-year in February, and the percentage lift was better than January 2012, suggesting the market may be strengthening. Sales gained 54.5% from a year earlier to 34, relative to a 13.6% jump in January from the year earlier.
A total of 423 new homes were sold during the 12 months that ended in February, up from 411 for the year that ended in January.
Of 742 total sales, 34 were of new homes. This is an increase on a percentage basis, as new home sales were 3.0% of total sales a year ago. For new and existing homes, sales rose year-over-year in February after also increasing in January year-over-year.
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Pricing and Mortgage Trends
In February, the average price of newly sold homes fell year-over-year to $300,382 per unit, marking a 21.4% decline from the year-earlier figure. This drop a drop off from the 21.8% decline in January from a year earlier.
Average mortgage size on new homes saw a drop year-over-year in contrast to prices of new homes. It sank 14.4% in February from a year earlier, reaching $306,285. Average mortgage size declined 10.9% in January 2012 from a year earlier.
Vallejo, CA - Freshest New Home Sales Numbers Suggest Market Rise Strengthening.
Posted on: May 07, 2012 09:53:52 AM
In the Vallejo, CA market, new home sales rose year-over-year in February, and the percentage lift was better than January 2012, suggesting the market may be strengthening. Sales gained 54.5% from a year earlier to 34, relative to a 13.6% jump in January from the year earlier.
A total of 423 new homes were sold during the 12 months that ended in February, up from 411 for the year that ended in January.
Of 742 total sales, 34 were of new homes. This is an increase on a percentage basis, as new home sales were 3.0% of total sales a year ago. For new and existing homes, sales rose year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
In February, the average price of newly sold homes fell year-over-year to $300,382 per unit, marking a 21.4% decline from the year-earlier figure. This drop a drop off from the 21.8% decline in January from a year earlier.
Average mortgage size on new homes saw a drop year-over-year in contrast to prices of new homes. It sank 14.4% in February from a year earlier, reaching $306,285. Average mortgage size declined 10.9% in January 2012 from a 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 increased from 4.5% of sales in February 2011 to 5.9% of sales in February 2012. At the same time, the share belonging to single-family homes fell to 94.1% of sales from 95.5% of sales.
The average unit size of newly sold homes slid 28.4% year-over-year to 1,832 square feet in February 2012. A decline was also seen in January 2012 when the average size of new homes sold declined 16.1% to 1,854 square feet.
Foreclosures and real estate owned (REO) sales declined in February from a year earlier, but remained a burden on the market. Out of all existing home sales, foreclosures combined with REO sales represented 65.1% of sales, below 77.9% a year earlier. The percentage of existing home sales involving foreclosures fell to 32.6% in February from 44.0% a year earlier while REO sales as a percentage of existing home sales slipped to 32.5% from 33.8% a year earlier.
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Source: Housing Intelligence