Baton Rouge, LA - Freshest New Home Sales Increase Year-Over-Year in January After Falling Year-Over-Year in December
Posted on: May 06, 2012 09:13:55 AM
In January, sales of new homes in the Baton Rouge, LA market increased year-over-year, shifting up after a decline in December 2011. New home sales saw a 14.9% hike from a year earlier to 54 after sales fell 8.7% in December from the year earlier.
A total of 896 new homes were sold during the 12 months that ended in January, up from 889 for the year that ended in December.
New home sales made up 10.8% of overall housing sales. A year ago, new home sales represented 11.6%. For new and existing homes, sales gained year-over-year in January after also increasing in December year-over-year.
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Pricing and Mortgage Trends
The average value for new homes sold in January 2012 was $209,982, a move from $209,750 a year earlier. This followed a 5.7% rise in December year-over-year.
Average mortgage size on new homes rose year-over-year along with new home prices. The average mortgage size saw a 1.1% rise year-over-year to $192,924 in January. In December 2011, average mortgage size increased 7.5% from a year earlier. The overall percentage of sale price that was being financed went from 90.9% of average price to 91.9% from a year earlier. This came after a 1.6 percentage point rise in December from the year earlier.
Baton Rouge, LA - Freshest New Home Sales Increase Year-Over-Year in January After Falling Year-Over-Year in December
Posted on: May 06, 2012 09:13:55 AM
In January, sales of new homes in the Baton Rouge, LA market increased year-over-year, shifting up after a decline in December 2011. New home sales saw a 14.9% hike from a year earlier to 54 after sales fell 8.7% in December from the year earlier.
A total of 896 new homes were sold during the 12 months that ended in January, up from 889 for the year that ended in December.
New home sales made up 10.8% of overall housing sales. A year ago, new home sales represented 11.6%. For new and existing homes, sales gained year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
The average value for new homes sold in January 2012 was $209,982, a move from $209,750 a year earlier. This followed a 5.7% rise in December year-over-year.
Average mortgage size on new homes rose year-over-year along with new home prices. The average mortgage size saw a 1.1% rise year-over-year to $192,924 in January. In December 2011, average mortgage size increased 7.5% from a year earlier. The overall percentage of sale price that was being financed went from 90.9% of average price to 91.9% from a year earlier. This came after a 1.6 percentage point rise in December from the year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home sales than last year. Single-family home sales jumped from 97.9% of new sales in January 2011 to all of sales in January 2012. Meanwhile, attached units as a percentage of all new home sales declined to no part of sales from 2.1% of sales.
Foreclosures and real estate owned (REO) sales continued to increase in January from a year earlier and remained a burden on the market. Together, foreclosures plus REO sales made up 41.3% of existing home sales, up from 22.6% a year earlier. The percentage of existing home sales involving foreclosures rose to 14.2% in January from 3.1% a year earlier while REO sales as a percentage of existing home sales rose to 27.2% from 19.6%.
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Source: Housing Intelligence