New home closings in the San Luis Obispo, CA market dropped year-over-year in April, and the decline was by a larger percentage than the March 2012. New home closings moved from 10 a year earlier to four after the figure moved from 10 in March 2011 to six in March 2012.
A total of 142 new homes were sold during the 12 months that ended in April, down from 148 for the year that ended in March.
Out of 325 total closings, four were of new homes, which makes up a smaller percentage than the 10 out of 322 total closings last year. After dropping in March from a year earlier, closings of new and existing homes rose year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2012 was $357,625, down from last year's $492,450. This was on the heels of a 56.3% fall in March from a year earlier.
There was a decline in average mortgage size on new homes, going from $481,415 last year to $230,102 in April 2012. Average mortgage size on new homes went from $396,793 in March 2011 to $199,975 in March 2012. For new home closings, the percentage of the sale price that was being financed sank 33.4 percentage points year-over-year to 64.3% in April 2012. In March 2012, there was an 11.7 percentage point hike from a year earlier.
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 one of four new home closings after accounting for one of 10 a year earlier. Meanwhile, single-family homes made up three of four new home closings after making up nine of 10 a year earlier.
The average unit size of newly sold homes fell from 2,141 square feet a year earlier to 881 square feet.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 33.6% of closings. In April 2011, they represented 43.6%. The percentage of existing home closings involving foreclosures slid to 11.2% in April from 22.8% a year earlier while REO closings as a percentage of existing home closings increased to 22.4% from 20.8%.
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