St. Louis, MO - Latest Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 07, 2012 09:50:10 AM
In the St. Louis, MO market, new home sales fell year-over-year in February, and there were signals of worsening market conditions as the percentage drop was more severe than January 2012. Sales declined 44.5% from a year earlier to 101, relative to a 17.1% drop in January from the year earlier.
A total of 2,318 new homes were sold during the 12 months that ended in February, down from 2,399 for the year that ended in January.
New home sales represented 3.0% of overall housing sales, less than the 6.0% of sales a year earlier. Sales of new and existing homes gained year-over-year in February following a decline in January year-over-year.
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Pricing and Mortgage Trends
The average price of new homes went from $252,659 in February 2011 to $251,420 in February 2012. This came after a 15.5% hike in January year-over-year.
Average mortgage size on new homes went from $212,056 in February 2011 to $211,302 in February 2012. Average mortgage size climbed 19.0% in January 2012 from a year earlier. For newly sold homes, the percentage of sale price being financed moved to 84.0% from a year earlier figure of 83.9%. In January 2012, there was a 2.6 percentage point rise from the year earlier.
St. Louis, MO - Latest Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 07, 2012 09:50:10 AM
In the St. Louis, MO market, new home sales fell year-over-year in February, and there were signals of worsening market conditions as the percentage drop was more severe than January 2012. Sales declined 44.5% from a year earlier to 101, relative to a 17.1% drop in January from the year earlier.
A total of 2,318 new homes were sold during the 12 months that ended in February, down from 2,399 for the year that ended in January.
New home sales represented 3.0% of overall housing sales, less than the 6.0% of sales a year earlier. Sales of new and existing homes gained year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes went from $252,659 in February 2011 to $251,420 in February 2012. This came after a 15.5% hike in January year-over-year.
Average mortgage size on new homes went from $212,056 in February 2011 to $211,302 in February 2012. Average mortgage size climbed 19.0% in January 2012 from a year earlier. For newly sold homes, the percentage of sale price being financed moved to 84.0% from a year earlier figure of 83.9%. In January 2012, there was a 2.6 percentage point rise from the 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 rose from 93.4% in February 2011 to 96.0% of sales in February 2012. Meanwhile, attached units as a percentage of all new home sales sank to 4.0% of sales from 6.6% of sales.
The average unit size of newly sold homes increased 4.1% year-over-year to 1,943 square feet in February 2012. In January, the average size of new homes sold went from 1,885 square feet a year earlier to 2,325 square feet.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 45.9% of sales. In February 2011, they made up 49.9%. The percentage of existing home sales involving foreclosures slipped to 21.2% in February from 24.6% a year earlier and REO sales moved from 25.3% of existing home sales in February 2011 to 24.8% in February 2012.
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Source: Housing Intelligence