New Haven, CT - Latest New Home Sales Numbers Give Hints Market Decrease is Deepening
Posted on: May 07, 2012 09:31:19 AM
New home sales in the New Haven, CT market fell year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from six a year earlier to two after the figure moved from 14 in January 2011 to seven in January 2012.
A total of 130 new homes were sold during the 12 months that ended in February, down from 134 for the year that ended in January.
Two of the 420 total sales were new home sales, a shift on a percentage basis from six out of 474 a year earlier. After rising year-over-year in January, sales of new and existing homes slid year-over-year in February.
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Pricing and Mortgage Trends
The average price of new homes was $604,450, an increase from $295,021 a year earlier. This was on the heels of a 20.9% hike in January year-over-year.
Average mortgage size on new homes went from $186,507 a year earlier to $417,000. Average mortgage size on new homes went from $234,574 in January 2011 to $354,065 in January 2012. The overall percentage of sale price that was being financed increased 5.8 percentage points year-over-year to 69.0% in February 2012. This was another rise after January 2012 when there was a 17.1 percentage point gain from a year earlier.
New Haven, CT - Latest New Home Sales Numbers Give Hints Market Decrease is Deepening
Posted on: May 07, 2012 09:31:19 AM
New home sales in the New Haven, CT market fell year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from six a year earlier to two after the figure moved from 14 in January 2011 to seven in January 2012.
A total of 130 new homes were sold during the 12 months that ended in February, down from 134 for the year that ended in January.
Two of the 420 total sales were new home sales, a shift on a percentage basis from six out of 474 a year earlier. After rising year-over-year in January, sales of new and existing homes slid year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes was $604,450, an increase from $295,021 a year earlier. This was on the heels of a 20.9% hike in January year-over-year.
Average mortgage size on new homes went from $186,507 a year earlier to $417,000. Average mortgage size on new homes went from $234,574 in January 2011 to $354,065 in January 2012. The overall percentage of sale price that was being financed increased 5.8 percentage points year-over-year to 69.0% in February 2012. This was another rise after January 2012 when there was a 17.1 percentage point gain from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for four of six last year. Meanwhile, attached units made up no part of new home sales after making up two of six sales a year earlier.
Foreclosures and real estate owned (REO) sales continued to rise in February from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO sales represented 44.3% of existing home sales, above 34.2% a year earlier. The percentage of existing home sales involving foreclosures rose to 22.5% in February from 10.7% a year earlier while REO sales as a percentage of existing home sales fell to 21.8% from 23.5% a year earlier.
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Source: Housing Intelligence