Augusta, GA - Freshest Figures for New Home Sales Remain Level
Posted on: May 06, 2012 09:12:50 AM
New home sales in the Augusta, GA market remained steady year-over-year in February, stabilizing after a rise in January from the year earlier. Sales stayed consistent with the year-earlier figure of 115, relative to a 6.8% rise in January year-over-year.
A total of 1,868 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
Out of all housing sales, new home sales made up 21.3%. This is an increase on a percentage basis, as new home sales were 19.4% of total sales a year ago. Sales of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Advertisement
Pricing and Mortgage Trends
Average value of new homes sold in February was $194,885 per unit, down 1.3% year-over-year from a year earlier. The decline is a downward shift from a 2.9% rise in January year-over-year.
Average mortgage size on new homes went from $189,241 in February 2011 to $191,001 in February 2012. In January 2012, average mortgage size on newly sold homes saw a 1.8% rise year-over-year from a year earlier. The overall percentage of sale price that was being financed increased 2.2 percentage points year-over-year to 98.0% in February 2012. This came after a 1.1 percentage point decline in January from a year earlier.
Augusta, GA - Freshest Figures for New Home Sales Remain Level
Posted on: May 06, 2012 09:12:50 AM
New home sales in the Augusta, GA market remained steady year-over-year in February, stabilizing after a rise in January from the year earlier. Sales stayed consistent with the year-earlier figure of 115, relative to a 6.8% rise in January year-over-year.
A total of 1,868 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
Out of all housing sales, new home sales made up 21.3%. This is an increase on a percentage basis, as new home sales were 19.4% of total sales a year ago. Sales of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in February was $194,885 per unit, down 1.3% year-over-year from a year earlier. The decline is a downward shift from a 2.9% rise in January year-over-year.
Average mortgage size on new homes went from $189,241 in February 2011 to $191,001 in February 2012. In January 2012, average mortgage size on newly sold homes saw a 1.8% rise year-over-year from a year earlier. The overall percentage of sale price that was being financed increased 2.2 percentage points year-over-year to 98.0% in February 2012. This came after a 1.1 percentage point decline in January from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home sales have moved from all of new home sales to 99.1% of sales while attached units have gone from no part of sales to 0.9% of sales.
For all new homes sold, the average unit size rose 4.6% year-over-year to 2,125 square feet in February 2012. For newly sold homes, an average size gain contrasting with an average price decline was also seen in January 2012 when the average size of newly sold homes dropped 31.2% to 2,739 square feet.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Together, foreclosures plus REO sales accounted for 53.5% of existing home sales. They represented 52.5% in February 2011. The percentage of existing home sales involving foreclosures rose to 28.6% in February from 25.3% a year earlier while REO sales as a percentage of existing home sales fell to 24.9% from 27.2% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence