Yuba City, CA - Recent New Home Sales Numbers Suggest Market Rise Strengthening.
Posted on: May 07, 2012 09:58:38 AM
Sales of new homes rose year-over-year in February in the Yuba City, CA market, and the increase was greater than January 2012. New home sales moved from one a year earlier to eight after the figure moved from three in January 2011 to four in January 2012.
A total of 101 new homes were sold during the 12 months that ended in February, up from 94 for the year that ended in January.
New home sales were eight out of 274 total sales, making up 2.9%. This is up on a percentage basis from one of 271 a year earlier. Following a year-over-year increase in January, sales of new and existing homes also rose year-over-year in February.
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Pricing and Mortgage Trends
The average new home price was $156,888, down from $287,000 a year earlier. This was on the heels of a 60.8% decline in January from a year earlier.
There was a decline in average mortgage size on new homes, going from $279,626 last year to $154,971 in February 2012. Average mortgage size on new homes went from $184,641 in January 2011 to $128,570 in January 2012.
Yuba City, CA - Recent New Home Sales Numbers Suggest Market Rise Strengthening.
Posted on: May 07, 2012 09:58:38 AM
Sales of new homes rose year-over-year in February in the Yuba City, CA market, and the increase was greater than January 2012. New home sales moved from one a year earlier to eight after the figure moved from three in January 2011 to four in January 2012.
A total of 101 new homes were sold during the 12 months that ended in February, up from 94 for the year that ended in January.
New home sales were eight out of 274 total sales, making up 2.9%. This is up on a percentage basis from one of 271 a year earlier. Following a year-over-year increase in January, sales of new and existing homes also rose year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $156,888, down from $287,000 a year earlier. This was on the heels of a 60.8% decline in January from a year earlier.
There was a decline in average mortgage size on new homes, going from $279,626 last year to $154,971 in February 2012. Average mortgage size on new homes went from $184,641 in January 2011 to $128,570 in January 2012.
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. Attached sales made up one of eight new home sales after accounting for no part of sales a year earlier. Meanwhile, single-family homes made up seven of eight new home sales after making up all of sales a year earlier.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales accounted for 74.4% of existing home sales. In February 2011, they made up 83.0%. The percentage of existing home sales involving foreclosures declined to 34.2% in February from 42.6% a year earlier and REO sales moved from 40.4% of existing home sales in February 2011 to 40.2% in February 2012.
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Source: Housing Intelligence