Miami, FL - Recent New Home Sales Numbers Give Hints Market Decrease is Slowing
Posted on: May 07, 2012 09:28:13 AM
In the Miami, FL market, sales of new homes slipped year-over-year in January, but there were signals the market may be evening out from a percentage decline less than December 2011. Sales declined 5.6% from a year earlier to 371, relative to a 16.6% drop in December from the year earlier.
A total of 5,936 new homes were sold during the 12 months that ended in January, down from 5,958 for the year that ended in December.
Of the total number of sales, new home sales made up 3.8%. A year ago, 4.1% of total sales were new home sales. After dropping in December from a year earlier, sales of new and existing homes increased year-over-year in January.
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Pricing and Mortgage Trends
The average price of newly sold homes declined 6.1% year-over-year in January to $419,866 per unit. This is a reversal from the 14.8% rise in December year-over-year.
In January 2012, average mortgage size on new homes went from $279,553 in January 2011 to $277,397 in January 2012. In December 2011, average mortgage size on newly sold homes saw a 5.5% rise year-over-year from a year earlier. The overall percentage of sale price that was being financed rose 3.6 percentage points year-over-year to 66.1% in January 2012. In December 2011, there was a 5.8 percentage point decline in December from a year earlier.
Miami, FL - Recent New Home Sales Numbers Give Hints Market Decrease is Slowing
Posted on: May 07, 2012 09:28:13 AM
In the Miami, FL market, sales of new homes slipped year-over-year in January, but there were signals the market may be evening out from a percentage decline less than December 2011. Sales declined 5.6% from a year earlier to 371, relative to a 16.6% drop in December from the year earlier.
A total of 5,936 new homes were sold during the 12 months that ended in January, down from 5,958 for the year that ended in December.
Of the total number of sales, new home sales made up 3.8%. A year ago, 4.1% of total sales were new home sales. After dropping in December from a year earlier, sales of new and existing homes increased year-over-year in January.
Pricing and Mortgage Trends
The average price of newly sold homes declined 6.1% year-over-year in January to $419,866 per unit. This is a reversal from the 14.8% rise in December year-over-year.
In January 2012, average mortgage size on new homes went from $279,553 in January 2011 to $277,397 in January 2012. In December 2011, average mortgage size on newly sold homes saw a 5.5% rise year-over-year from a year earlier. The overall percentage of sale price that was being financed rose 3.6 percentage points year-over-year to 66.1% in January 2012. In December 2011, there was a 5.8 percentage point decline in December from a year earlier.
Other Market Trends
The percentage of new home sales belonging to single-family homes has risen from last year while the portion of new home sales belonging to attached units has dropped. Single-family home sales increased from 51.4% of new sales in January 2011 to 63.6% of sales in January 2012. Meanwhile, attached units as a percentage of all new home sales dropped to 36.4% of sales from 48.6% of sales.
The average unit size of newly sold homes fell 7.9% year-over-year to 1,888 square feet in January 2012. The average size of newly sold homes moved from 1,906 square feet in December 2010 to 2,008 square feet in December 2011.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Combined, foreclosures plus REO sales accounted for 57.7% of existing home sales. In January 2011, they made up 65.7%. The percentage of existing home sales involving foreclosures rose to 38.8% in January from 31.6% a year earlier while REO sales as a percentage of existing home sales slid to 18.8% from 34.1% a year earlier.
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Source: Housing Intelligence