Portland, ME - Recent Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 07, 2012 09:36:48 AM
In the Portland, ME market, new home sales sank year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from 13 a year earlier to six after the figure moved from eight in January 2011 to seven in January 2012.
A total of 157 new homes were sold during the 12 months that ended in February, down from 164 for the year that ended in January.
Out of 108 total sales, six were of new homes, which makes up a smaller percentage than the 13 out of 97 total sales last year. Following a year-over-year increase in January, sales of new and existing homes also increased year-over-year in February.
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Pricing and Mortgage Trends
The average new home price was $233,563, a move from $233,943 a year earlier. This was on the heels of a 44.6% rise in January year-over-year.
There was a decline in average mortgage size on new homes, going from $196,338 last year to $186,850 in February 2012. Average mortgage size on new homes went from $184,238 in January 2011 to $252,168 in January 2012. For new home sales, the percentage of the sale price that was being financed declined 3.9 percentage points year-over-year to 80.0% in February 2012.
Portland, ME - Recent Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 07, 2012 09:36:48 AM
In the Portland, ME market, new home sales sank year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from 13 a year earlier to six after the figure moved from eight in January 2011 to seven in January 2012.
A total of 157 new homes were sold during the 12 months that ended in February, down from 164 for the year that ended in January.
Out of 108 total sales, six were of new homes, which makes up a smaller percentage than the 13 out of 97 total sales last year. Following a year-over-year increase in January, sales of new and existing homes also increased year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $233,563, a move from $233,943 a year earlier. This was on the heels of a 44.6% rise in January year-over-year.
There was a decline in average mortgage size on new homes, going from $196,338 last year to $186,850 in February 2012. Average mortgage size on new homes went from $184,238 in January 2011 to $252,168 in January 2012. For new home sales, the percentage of the sale price that was being financed declined 3.9 percentage points year-over-year to 80.0% in February 2012.
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 11 of 13 last year. Meanwhile, attached units made up no part of new home sales after making up two of 13 sales a year earlier.
Foreclosures and real estate owned (REO) sales continued to drop from a year earlier in February, but did not look to be a burden on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 14.7% of sales, below 25.0% a year earlier. The percentage of existing home sales involving foreclosures fell to 6.9% in February from 9.5% a year earlier while REO sales as a percentage of existing home sales dipped to 7.8% from 15.5% a year earlier.
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Source: Housing Intelligence