New Home Closings and Prices in Vallejo Climb According to Recent Figures
Posted on: May 06, 2013 07:37:59 AM
In the Vallejo, CA market, closings of new homes climbed year-over-year in February, but with a less pronounced percentage gain than January 2013, there are suggestions of market stabilization. New home closings gained by 48.4% in February 2013 from a year earlier, after closings saw a 55.2% hike in January from the year earlier.
A total of 599 new homes were sold during the 12 months that ended in February, up from 584 for the year that ended in January.
New home closings made up 8.5% of overall housing closings. This is an increase on a percentage basis, as new home closings were 4.2% of total closings a year ago. For new and existing homes, closings sank in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $334,239 per unit in February, up 2.3%from a year earlier. This rise is smaller than the 17.6% lift in January year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. In February 2013, the average mortgage size was $321,668, a 5.8% rise from a year earlier. Average mortgage size increased 1.6% in January 2013 from a year earlier.
New Home Closings and Prices in Vallejo Climb According to Recent Figures
Posted on: May 06, 2013 07:37:59 AM
In the Vallejo, CA market, closings of new homes climbed year-over-year in February, but with a less pronounced percentage gain than January 2013, there are suggestions of market stabilization. New home closings gained by 48.4% in February 2013 from a year earlier, after closings saw a 55.2% hike in January from the year earlier.
A total of 599 new homes were sold during the 12 months that ended in February, up from 584 for the year that ended in January.
New home closings made up 8.5% of overall housing closings. This is an increase on a percentage basis, as new home closings were 4.2% of total closings a year ago. For new and existing homes, closings sank in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $334,239 per unit in February, up 2.3%from a year earlier. This rise is smaller than the 17.6% lift in January year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. In February 2013, the average mortgage size was $321,668, a 5.8% rise from a year earlier. Average mortgage size increased 1.6% in January 2013 from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have grown from last year while single-family home closings have dropped. The share of new home closings belonging to attached units jumped from 3.2% of closings in February 2012 to 8.7% of closings in February 2013. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 91.3% of closings from 96.8% of closings.
The average unit size of newly sold homes fell 29.4% year-over-year to 1,585 square feet in February 2013. For newly sold homes, an average size drop contrasting with an average price rise was also seen in January 2013 when the average size of newly sold homes sank 27.0% to 1,463 square feet.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, represented 35.5% of existing closings, lower than 65.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 15.1% in February from 32.6% a year earlier while REO closings as a percentage of existing home closings declined to 20.4% from 32.5% a year earlier.
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Source: Housing Intelligence