Source: Builder News
Sales of new homes fell year-over-year in September in the Fresno, CA market, but the percentage fall was not as severe as August 2011, giving suggestion that the market may be evening out. Sales sank 19.0% from a year earlier to 94, relative to a 19.5% decline in August from the year earlier.
In the 12 months ending September 2011, there were 1,165 new home sales, down from an annualized 1,187 in August.
Compared to a year earlier, new home sales reflected 6.4% of overall housing sales, down from 8.3% last year. For new and existing homes, sales increased year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 5.9% decline year-over-year in September to $241,462 per unit. This decline is higher than the 13.1% decline in August from a year earlier.
For newly sold homes, the average mortgage size sank year-over-year along with average price of new homes. The average mortgage size dropped to $175,401 in September, marking an 18.1% fall compared with last year. In August 2011, average mortgage size declined 29.9% from a year earlier. For new home sales, the percentage of the sale price that was being financed slid 10.9 percentage points year-over-year to 72.6% in September 2011.
URL to original article: http://www.builderonline.com/local-housing-data/pacific/fresno-ca.aspx?cid=lmkt_fresno-ca20111212&rdrnum=183826
For further information on Fresno Real Estate check: http://www.londonproperties.com
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