Greensboro, NC - Freshest New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: May 07, 2012 09:14:31 AM
In February, there was an increase in sales of new homes in the Greensboro, NC market year-over-year, but the percentage rise was less than January 2012, suggesting the market may be leveling. New home sales saw a 1.6% rise from a year earlier to 64. This came after a 17.9% hike year-over-year in January.
A total of 902 new homes were sold during the 12 months that ended in February, up from 901 for the year that ended in January.
New home sales as a percentage of overall housing sales fell to 10.1% from 13.2% of sales a year earlier. Following a year-over-year increase in January, sales of new and existing homes also climbed year-over-year in February.
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Pricing and Mortgage Trends
In February, the average price of newly sold homes declined 7.3% year-over-year to $183,426 per unit. This is a downward shift from a 11.0% bump in January year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. In February 2012, average mortgage size fell 2.5% from a year earlier to $177,390. In January 2012, average mortgage size on newly sold homes saw a 20.8% gain year-over-year from a year earlier. For new home sales, the percentage of the sale price that was being financed rose 4.7 percentage points year-over-year to 96.7% in February 2012.
Greensboro, NC - Freshest New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: May 07, 2012 09:14:31 AM
In February, there was an increase in sales of new homes in the Greensboro, NC market year-over-year, but the percentage rise was less than January 2012, suggesting the market may be leveling. New home sales saw a 1.6% rise from a year earlier to 64. This came after a 17.9% hike year-over-year in January.
A total of 902 new homes were sold during the 12 months that ended in February, up from 901 for the year that ended in January.
New home sales as a percentage of overall housing sales fell to 10.1% from 13.2% of sales a year earlier. Following a year-over-year increase in January, sales of new and existing homes also climbed year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes declined 7.3% year-over-year to $183,426 per unit. This is a downward shift from a 11.0% bump in January year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. In February 2012, average mortgage size fell 2.5% from a year earlier to $177,390. In January 2012, average mortgage size on newly sold homes saw a 20.8% gain year-over-year from a year earlier. For new home sales, the percentage of the sale price that was being financed rose 4.7 percentage points year-over-year to 96.7% in February 2012.
Other Market Trends
As a percentage of new home sales, attached unit sales have risen from last year while single-family home sales have dropped. Attached unit sales gained from 11.1% of all sales in February 2011 to 12.5% of sales in February 2012. Conversely, the share belonging to single-family homes dropped to 87.5% of sales from 88.9% of sales.
There was a 6.1% decline year-over-year in the average unit size of newly sold homes to 2,075 square feet in February 2012. The average size of newly sold homes moved from 2,024 square feet in January 2011 to 2,019 square feet in January 2012.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales represented 55.7% of sales. In February 2011, they made up 58.7%. The percentage of existing home sales involving foreclosures rose to 38.2% in February from 19.8% a year earlier while REO sales as a percentage of existing home sales slid to 17.5% from 38.9% a year earlier.
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Source: Housing Intelligence