Naples, FL - Recent New Home Sales Numbers Give Hints Market Fall is Deepening
Posted on: May 07, 2012 09:30:57 AM
In February, there was a decline year-over-year in new home sales in the Naples, FL market, and the market seemed to be worsening in light of the percentage fall harsher than January 2012. New home sales saw a 27.6% decline from a year earlier to 76. This came on the heels of a 19.0% decline year-over-year in January.
A total of 1,314 new homes were sold during the 12 months that ended in February, down from 1,343 for the year that ended in January.
New home sales made up 7.8% of overall housing sales, down from the 10.7% of sales a year earlier. Sales of new and existing homes increased year-over-year in February following a decline in January year-over-year.
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Pricing and Mortgage Trends
Average price of newly sold homes had a 3.9% decline year-over-year to $342,809 per unit in February. This decline a drop off from the 29.8% drop in January from a year earlier.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. In February 2012, average mortgage size dipped 6.4% from a year earlier to $225,446. In January 2012, average mortgage size on newly sold homes saw a 5.4% decline from a year earlier. The overall percentage of sale price that was being financed fell 1.8 percentage points year-over-year to 65.8% in February 2012. In January 2012, there was a 20.1 percentage point bump from a year earlier.
Naples, FL - Recent New Home Sales Numbers Give Hints Market Fall is Deepening
Posted on: May 07, 2012 09:30:57 AM
In February, there was a decline year-over-year in new home sales in the Naples, FL market, and the market seemed to be worsening in light of the percentage fall harsher than January 2012. New home sales saw a 27.6% decline from a year earlier to 76. This came on the heels of a 19.0% decline year-over-year in January.
A total of 1,314 new homes were sold during the 12 months that ended in February, down from 1,343 for the year that ended in January.
New home sales made up 7.8% of overall housing sales, down from the 10.7% of sales a year earlier. Sales of new and existing homes increased year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 3.9% decline year-over-year to $342,809 per unit in February. This decline a drop off from the 29.8% drop in January from a year earlier.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. In February 2012, average mortgage size dipped 6.4% from a year earlier to $225,446. In January 2012, average mortgage size on newly sold homes saw a 5.4% decline from a year earlier. The overall percentage of sale price that was being financed fell 1.8 percentage points year-over-year to 65.8% in February 2012. In January 2012, there was a 20.1 percentage point bump 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 jumped from 68.6% of new sales in February 2011 to 71.1% of sales in February 2012. Conversely, the share of new home sales belonging to attached units declined to 28.9% of sales from 31.4% of sales.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Combined, foreclosures plus REO sales accounted for 39.1% of existing home sales. They made up 42.8% in February 2011. The percentage of existing home sales involving foreclosures rose to 19.7% in February from 14.9% a year earlier while REO sales as a percentage of existing home sales slipped to 19.4% from 27.9% a year earlier.
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Source: Housing Intelligence