San Francisco, CA - Recent Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January
Posted on: May 07, 2012 09:43:30 AM
In the San Francisco, CA market, sales of new homes rose year-over-year in February, shifting up after a decline in January 2012. Sales climbed 20.8% from a year earlier to 221. This followed a 1.1% decline year-over-year in January.
A total of 2,859 new homes were sold during the 12 months that ended in February, up from 2,821 for the year that ended in January.
New home sales made up 5.4% of overall housing sales. A year ago, 4.6% of total sales were new home sales. Following a decline in January year-over-year, sales of new and existing homes increased year-over-year in February.
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Pricing and Mortgage Trends
In February, there was a 13.7% drop year-over-year in the average per-unit price of newly sold homes, settling at $507,212. This decline a drop off from the 16.3% drop in January from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In February 2012, there was a 5.0% decline in the average mortgage size on new homes to $395,023. In January 2012, average mortgage size on newly sold homes saw a 3.5% decline from a year earlier. Of the overall sale price, the percentage that was being financed rose 7.1 percentage points year-over-year to 77.9% in February 2012.
San Francisco, CA - Recent Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January
Posted on: May 07, 2012 09:43:30 AM
In the San Francisco, CA market, sales of new homes rose year-over-year in February, shifting up after a decline in January 2012. Sales climbed 20.8% from a year earlier to 221. This followed a 1.1% decline year-over-year in January.
A total of 2,859 new homes were sold during the 12 months that ended in February, up from 2,821 for the year that ended in January.
New home sales made up 5.4% of overall housing sales. A year ago, 4.6% of total sales were new home sales. Following a decline in January year-over-year, sales of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
In February, there was a 13.7% drop year-over-year in the average per-unit price of newly sold homes, settling at $507,212. This decline a drop off from the 16.3% drop in January from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In February 2012, there was a 5.0% decline in the average mortgage size on new homes to $395,023. In January 2012, average mortgage size on newly sold homes saw a 3.5% decline from a year earlier. Of the overall sale price, the percentage that was being financed rose 7.1 percentage points year-over-year to 77.9% in February 2012.
Other Market Trends
The percentage of new home sales belonging to single-family homes has risen from last year while the portion of new home sales belonging to attached units has dropped. Single-family home sales gained from 54.6% of new sales in February 2011 to 62.0% of sales in February 2012. Meanwhile, attached units as a percentage of all new home sales fell to 38.0% of sales from 45.4% of sales.
The average unit size of newly sold homes dropped 19.5% year-over-year to 1,611 square feet in February 2012.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Together, foreclosures plus REO sales accounted for 48.6% of existing home sales. In February 2011, they made up 58.4%. The percentage of existing home sales involving foreclosures slipped to 24.3% in February from 30.8% a year earlier while REO sales as a percentage of existing home sales dipped to 24.4% from 27.6% a year earlier.
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Source: Housing Intelligence