Charlotte, NC - Freshest New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: May 06, 2012 09:18:56 AM
There was an increase in new home sales in the Charlotte, NC market in February year-over-year, but the market seemed to be suggesting at leveling out with a percentage boost less pronounced than January 2012. New home sales saw a 26.4% boost from a year earlier to 340 after sales climbed 42.4% in January from the year earlier.
A total of 4,715 new homes were sold during the 12 months that ended in February, up from 4,644 for the year that ended in January.
Of the total number of sales, new home sales made up 15.1%. A year ago, 14.8% of total sales were new home sales. Following a year-over-year increase in January, sales of new and existing homes also rose year-over-year in February.
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Pricing and Mortgage Trends
In February, the average price of newly sold homes dipped 1.0% year-over-year to $220,382 per unit. This decline a drop off from the 5.8% decline in January from a year earlier.
The average mortgage size on newly sold homes saw a rise year-over-year in contrast to new home prices. In February 2012, the average mortgage size on newly sold homes saw a 9.0% rise from a year earlier. It went from $200,499 to $199,244 from January 2011 to January 2012. Of the overall sale price, the percentage that was being financed increased 8.4 percentage points year-over-year to 91.4% in February 2012.
Charlotte, NC - Freshest New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: May 06, 2012 09:18:56 AM
There was an increase in new home sales in the Charlotte, NC market in February year-over-year, but the market seemed to be suggesting at leveling out with a percentage boost less pronounced than January 2012. New home sales saw a 26.4% boost from a year earlier to 340 after sales climbed 42.4% in January from the year earlier.
A total of 4,715 new homes were sold during the 12 months that ended in February, up from 4,644 for the year that ended in January.
Of the total number of sales, new home sales made up 15.1%. A year ago, 14.8% of total sales were new home sales. Following a year-over-year increase in January, sales of new and existing homes also rose year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes dipped 1.0% year-over-year to $220,382 per unit. This decline a drop off from the 5.8% decline in January from a year earlier.
The average mortgage size on newly sold homes saw a rise year-over-year in contrast to new home prices. In February 2012, the average mortgage size on newly sold homes saw a 9.0% rise from a year earlier. It went from $200,499 to $199,244 from January 2011 to January 2012. Of the overall sale price, the percentage that was being financed increased 8.4 percentage points year-over-year to 91.4% 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 increased from 89.2% of new sales in February 2011 to 97.9% of sales in February 2012. Conversely, the share of new home sales belonging to attached units slid to 2.1% of sales from 10.8% of sales.
The average unit size of newly sold homes fell 2.7% year-over-year to 2,459 square feet in February 2012.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Combined, foreclosures plus REO sales accounted for 55.7% of existing home sales. They made up 63.2% in February 2011. The percentage of existing home sales involving foreclosures rose to 32.5% in February from 29.5% a year earlier while REO sales as a percentage of existing home sales fell to 23.2% from 33.6% a year earlier.
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Source: Housing Intelligence