Visalia, CA - Freshest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 07, 2012 09:55:01 AM
There was an increase in new home sales in the Visalia, CA market in February year-over-year, and the market seemed to be improving as the percentage rise was larger than that of January 2012. New home sales increased by 38.7% in February 2012 from a year earlier, after sales saw a 12.0% hike in January from the year earlier.
A total of 631 new homes were sold during the 12 months that ended in February, up from 619 for the year that ended in January.
Of 532 total sales, 43 were of new homes. This is a rise from 5.5% of sales a year earlier. Following a year-over-year decline in January, sales of new and existing homes also dipped year-over-year in February.
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Pricing and Mortgage Trends
The average price of newly sold homes increased 4.3% year-over-year in February to $180,655 per unit. This is a swing up from a 15.2% drop in January from a year earlier.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. It declined 5.8% in February from a year earlier to $169,905. In January 2012, average mortgage size declined 17.3% from a year earlier.
Visalia, CA - Freshest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 07, 2012 09:55:01 AM
There was an increase in new home sales in the Visalia, CA market in February year-over-year, and the market seemed to be improving as the percentage rise was larger than that of January 2012. New home sales increased by 38.7% in February 2012 from a year earlier, after sales saw a 12.0% hike in January from the year earlier.
A total of 631 new homes were sold during the 12 months that ended in February, up from 619 for the year that ended in January.
Of 532 total sales, 43 were of new homes. This is a rise from 5.5% of sales a year earlier. Following a year-over-year decline in January, sales of new and existing homes also dipped year-over-year in February.
Pricing and Mortgage Trends
The average price of newly sold homes increased 4.3% year-over-year in February to $180,655 per unit. This is a swing up from a 15.2% drop in January from a year earlier.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. It declined 5.8% in February from a year earlier to $169,905. In January 2012, average mortgage size declined 17.3% from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. The share of new home sales belonging to single-family homes gained from 96.8% in February 2011 to all of sales in February 2012. Conversely, the share of new home sales belonging to attached units slid to no part of sales from 3.2% of sales.
For all new homes sold, the average unit size dropped 13.0% year-over-year to 1,373 square feet in February 2012. For newly sold homes, an average size fall contrasting with an average price rise was also seen in January 2012 when the average size of newly sold homes fell 24.8% to 1,458 square feet.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Out of all existing home sales, foreclosures combined with REO sales represented 69.7% of sales. They accounted for 71.6% in February 2011. The percentage of existing home sales involving foreclosures slipped to 32.3% in February from 40.1% a year earlier while REO sales as a percentage of existing home sales rose to 37.4% from 31.5%.
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Source: Housing Intelligence