Charleston-North Charleston, SC - Latest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 06, 2012 09:18:47 AM
Sales of new homes in the Charleston-North Charleston, SC market rose year-over-year in February, on an upswing after a decline in January 2012. Sales increased 5.5% from a year earlier to 153. This came after a 3.7% decline year-over-year in January.
A total of 2,361 new homes were sold during the 12 months that ended in February, up from 2,353 for the year that ended in January.
New home sales accounted for 20.8% of overall housing sales. This marks a rise from 17.5% of total sales a year earlier. Following a year-over-year decline in January, sales of new and existing homes also dropped year-over-year in February.
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Pricing and Mortgage Trends
For newly sold homes, the average price declined 3.3% year-over-year in February to $217,606 per unit. This decline is larger than the 1.8% decline in January from a year earlier.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. It slipped to $198,578 in February, a 4.7% decline. In January 2012, average mortgage size on newly sold homes saw a 4.6% decline from a year earlier. Of the overall sale price, the percentage that was being financed dipped 1.3 percentage points year-over-year to 91.3% in February 2012.
Charleston-North Charleston, SC - Latest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 06, 2012 09:18:47 AM
Sales of new homes in the Charleston-North Charleston, SC market rose year-over-year in February, on an upswing after a decline in January 2012. Sales increased 5.5% from a year earlier to 153. This came after a 3.7% decline year-over-year in January.
A total of 2,361 new homes were sold during the 12 months that ended in February, up from 2,353 for the year that ended in January.
New home sales accounted for 20.8% of overall housing sales. This marks a rise from 17.5% of total sales a year earlier. Following a year-over-year decline in January, sales of new and existing homes also dropped year-over-year in February.
Pricing and Mortgage Trends
For newly sold homes, the average price declined 3.3% year-over-year in February to $217,606 per unit. This decline is larger than the 1.8% decline in January from a year earlier.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. It slipped to $198,578 in February, a 4.7% decline. In January 2012, average mortgage size on newly sold homes saw a 4.6% decline from a year earlier. Of the overall sale price, the percentage that was being financed dipped 1.3 percentage points year-over-year to 91.3% in February 2012.
Other Market Trends
As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. Single-family home sales gained from 97.2% of new sales in February 2011 to 99.3% of sales in February 2012. At the same time, the share of new home sales belonging to attached units slid to 0.7% of sales from 2.8% of sales.
The average unit size of newly sold homes fell 14.7% year-over-year to 1,943 square feet in February 2012. In January, the average size of new homes sold went from 1,925 square feet a year earlier to 2,056 square feet.
Foreclosures and real estate owned (REO) sales fell in February from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO sales represented 43.7% of existing home sales, down from 53.9% a year earlier. The percentage of existing home sales involving foreclosures fell to 18.9% in February from 20.6% a year earlier while REO sales as a percentage of existing home sales slipped to 24.8% from 33.3% a year earlier.
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Source: Housing Intelligence