Winchester, VA - Recent New Home Sales Numbers Suggest Market Rise Strengthening.
Posted on: May 07, 2012 09:57:41 AM
New home sales climbed year-over-year in February in the Winchester, VA market, and the increase was greater than January 2012. New home sales moved from six a year earlier to 19 after the figure moved from 10 in January 2011 to 12 in January 2012.
A total of 203 new homes were sold during the 12 months that ended in February, up from 190 for the year that ended in January.
New home sales were 19 out of 134 total sales, making up 14.2%. This is up on a percentage basis from six of 125 a year earlier. After dropping in January from a year earlier, sales of new and existing homes rose year-over-year in February.
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Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $286,056, down from last year's $306,249. This came after a 16.0% fall in January from a year earlier.
From the year-ago figure of $245,784, the average mortgage size on new homes moved up to $272,346. Average mortgage size on new homes went from $230,308 in January 2011 to $227,060 in January 2012. The overall percentage of sale price that was being financed increased 15.0 percentage points year-over-year to 95.2% in February 2012.
Winchester, VA - Recent New Home Sales Numbers Suggest Market Rise Strengthening.
Posted on: May 07, 2012 09:57:41 AM
New home sales climbed year-over-year in February in the Winchester, VA market, and the increase was greater than January 2012. New home sales moved from six a year earlier to 19 after the figure moved from 10 in January 2011 to 12 in January 2012.
A total of 203 new homes were sold during the 12 months that ended in February, up from 190 for the year that ended in January.
New home sales were 19 out of 134 total sales, making up 14.2%. This is up on a percentage basis from six of 125 a year earlier. After dropping in January from a year earlier, sales of new and existing homes rose year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $286,056, down from last year's $306,249. This came after a 16.0% fall in January from a year earlier.
From the year-ago figure of $245,784, the average mortgage size on new homes moved up to $272,346. Average mortgage size on new homes went from $230,308 in January 2011 to $227,060 in January 2012. The overall percentage of sale price that was being financed increased 15.0 percentage points year-over-year to 95.2% in February 2012.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up 15 of 19 new home sales after accounting for three of six a year earlier. Meanwhile, attached units made up four of 19 new home sales after making up three of six sales a year earlier.
The average unit size of newly sold homes rose from 2,169 square feet a year earlier to 2,710 square feet.
Foreclosures and real estate owned (REO) sales fell in February from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO sales represented 47.8% of existing home sales, below 64.7% a year earlier. The percentage of existing home sales involving foreclosures fell to 19.1% in February from 26.9% a year earlier while REO sales as a percentage of existing home sales slipped to 28.7% from 37.8% a year earlier.
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Source: Housing Intelligence