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.