Fresno, CA - Newest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 07, 2012 09:12:10 AM
The Fresno, CA market saw a rise in new home sales in February year-over-year, and with a more robust surge than January 2012, there are signals the market may be strengthening. New home sales rose by 22.6% in February 2012 from a year earlier, after sales saw a 15.8% boost in January from the year earlier.
A total of 1,159 new homes were sold during the 12 months that ended in February, up from 1,145 for the year that ended in January.
Out of all housing sales, new home sales represented 5.8%. A year ago, 5.4% of total sales were new home sales. Sales of new and existing homes increased year-over-year in February after also rising in January year-over-year.
Advertisement
Pricing and Mortgage Trends
The average per-unit value of new homes fell to $238,264 in February, a decline of 6.3% year-over-year from a year earlier. This is a swing down from the 33.8% hike in January year-over-year.
In February 2012, average mortgage size on newly sold homes moved from $215,638 to $215,149 from February 2011. In January 2012, average mortgage size on newly sold homes saw a 24.3% boost year-over-year from a year earlier. The overall percentage of sale price that was being financed rose 5.5 percentage points year-over-year to 90.3% in February 2012. This came after a 6.5 percentage point decline in January from a year earlier.
Fresno, CA - Newest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 07, 2012 09:12:10 AM
The Fresno, CA market saw a rise in new home sales in February year-over-year, and with a more robust surge than January 2012, there are signals the market may be strengthening. New home sales rose by 22.6% in February 2012 from a year earlier, after sales saw a 15.8% boost in January from the year earlier.
A total of 1,159 new homes were sold during the 12 months that ended in February, up from 1,145 for the year that ended in January.
Out of all housing sales, new home sales represented 5.8%. A year ago, 5.4% of total sales were new home sales. Sales of new and existing homes increased year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average per-unit value of new homes fell to $238,264 in February, a decline of 6.3% year-over-year from a year earlier. This is a swing down from the 33.8% hike in January year-over-year.
In February 2012, average mortgage size on newly sold homes moved from $215,638 to $215,149 from February 2011. In January 2012, average mortgage size on newly sold homes saw a 24.3% boost year-over-year from a year earlier. The overall percentage of sale price that was being financed rose 5.5 percentage points year-over-year to 90.3% in February 2012. This came after a 6.5 percentage point decline in January from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes climbed from 98.4% in February 2011 to all of sales in February 2012. Meanwhile, attached units as a percentage of all new home sales dropped to no part of sales from 1.6% of sales.
The average unit size of newly sold homes slipped 7.2% year-over-year to 1,959 square feet in February 2012. The average size of newly sold homes moved from 1,779 square feet in January 2011 to 2,345 square feet in January 2012.
Foreclosures and real estate owned (REO) sales fell in February from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO sales accounted for 53.5% of existing home sales, below 79.0% a year earlier. The percentage of existing home sales involving foreclosures sank to 26.3% in February from 43.1% a year earlier while REO sales as a percentage of existing home sales dipped to 27.2% from 35.9% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence