In the Salinas, CA market in April, closings of new homes sank year-over-year, and the decline was by a larger percentage than the March 2012. New home closings moved from nine a year earlier to five after the figure moved from seven in March 2011 to five in March 2012.
A total of 64 new homes were sold during the 12 months that ended in April, down from 68 for the year that ended in March.
Five of the 383 total closings were new home closings, a shift on a percentage basis from nine out of 591 a year earlier. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.
Pricing and Mortgage Trends
The average value of new homes sold in April 2012 declined to $239,600 from the year-earlier figure of $243,333. This was on the heels of a 9.4% rise in March year-over-year.
The average mortgage size moved to $227,457, down from last year's $267,147. Average mortgage size on new homes went from $299,481 in March 2011 to $372,754 in March 2012.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached closings made up three of five new home closings after accounting for four of nine a year earlier. Meanwhile, single-family homes made up two of five new home closings after making up five of nine a year earlier.
Foreclosures and real estate owned (REO) closings fell in April from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 48.9% of closings, below 70.6% a year earlier. The percentage of existing home closings involving foreclosures slipped to 15.3% in April from 24.2% a year earlier while REO closings as a percentage of existing home closings fell to 33.6% from 46.4% a year earlier.
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