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Port St. Lucie, FL - Latest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January

Posted on: May 07, 2012 09:36:39 AM

In February, sales of new homes jumped year-over-year in the Port St. Lucie, FL market, snapping back from a decline in January 2012. Sales gained 36.4% from a year earlier to 30, compared with a 25.0% fall in January from the year earlier.

A total of 417 new homes were sold during the 12 months that ended in February, up from 409 for the year that ended in January.

Out of all housing sales, new home sales made up 3.7%. As a part of the whole, new home sales were 3.1% a year earlier. For new and existing homes, sales gained year-over-year in February after also increasing in January year-over-year.

Pricing and Mortgage Trends

Average price of newly sold homes saw a 13.5% drop year-over-year in February to $238,246 per unit. This fall is a swing down from an 11.4% gain in January year-over-year.

The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. The average mortgage size dipped to $178,089 in February, marking an 8.5% decline compared with last year. In January 2012, average mortgage size on newly sold homes saw a 17.3% boost year-over-year from a year earlier. For new home sales, the percentage of the sale price that was being financed rose 4.2 percentage points year-over-year to 74.8% in February 2012.

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. The share of new home sales belonging to single-family homes climbed from 90.9% in February 2011 to 93.3% of sales in February 2012. Meanwhile, attached units as a percentage of all new home sales slid to 6.7% of sales from 9.1% of sales.

There was a 1.2% decline year-over-year in the average unit size of newly sold homes to 2,262 square feet in February 2012. In January, the average size of new homes sold went from 2,498 square feet a year earlier to 2,519 square feet.

Foreclosures and real estate owned (REO) sales remained level in February from a year earlier, but remained a drag on the market. Combined, foreclosures plue REO sales represented 52.4% of existing home sales, relatively unchanged from a year earlier. The percentage of existing home sales involving foreclosures rose to 31.3% in February from 27.2% a year earlier while REO sales as a percentage of existing home sales fell to 21.0% from 25.6% a year earlier.

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