New Home Sales and Prices Both Rise in Visalia According to Recent Data
Posted on: May 06, 2013 07:38:33 AM
In February, there was an increase in closings of new homes in the Visalia, CA market year-over-year, but the percentage rise, which was less than January 2013, seemed to suggest market leveling. Closings rose 2.6% from a year earlier to 40, relative to a 7.1% rise in January from the year earlier.
A total of 561 new homes were sold during the 12 months that ended in February, up from 560 for the year that ended in January.
Out of all housing closings, new home closings accounted for 9.7%. This is up from the 7.4% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes sank year-over-year in February.
Pricing and Mortgage Trends
The average price of newly sold homes jumped year-over-year 10.9% in February to $211,227 per unit. This lift is smaller than the 22.5% rise in January year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In February 2013, the average mortgage size was $205,326, up 13.1% from a year earlier. In January 2013, average mortgage size gained 19.6% from a year earlier. For new home closings, the percentage of the sale price that was being financed rose 1.9 percentage points year-over-year to 97.2% in February 2013. This came after a 2.3 percentage point decline in January from a year earlier.
New Home Sales and Prices Both Rise in Visalia According to Recent Data
Posted on: May 06, 2013 07:38:33 AM
In February, there was an increase in closings of new homes in the Visalia, CA market year-over-year, but the percentage rise, which was less than January 2013, seemed to suggest market leveling. Closings rose 2.6% from a year earlier to 40, relative to a 7.1% rise in January from the year earlier.
A total of 561 new homes were sold during the 12 months that ended in February, up from 560 for the year that ended in January.
Out of all housing closings, new home closings accounted for 9.7%. This is up from the 7.4% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes sank year-over-year in February.
Pricing and Mortgage Trends
The average price of newly sold homes jumped year-over-year 10.9% in February to $211,227 per unit. This lift is smaller than the 22.5% rise in January year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In February 2013, the average mortgage size was $205,326, up 13.1% from a year earlier. In January 2013, average mortgage size gained 19.6% from a year earlier. For new home closings, the percentage of the sale price that was being financed rose 1.9 percentage points year-over-year to 97.2% in February 2013. This came after a 2.3 percentage point decline in January from a year earlier.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2013. Single-family home closings have represented all of new home closings while attached unit closings have accounted for no part of closings.
There was an 19.0% fall year-over-year in the average unit size of newly sold homes to 1,350 square feet in February 2013. The average size of newly sold homes moved from 1,711 square feet in January 2012 to 1,956 square feet in January 2013.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 52.6% of closings, below 69.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 21.6% in February from 32.2% a year earlier while REO closings as a percentage of existing home closings dipped to 31.0% from 37.7% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Visalia, CA area.
Source: Housing Intelligence