College Station, TX - Recent Figures for New Home Sales Suggest Market Climb Losing Steam
Posted on: May 06, 2012 09:20:59 AM
In the College Station, TX market in February, new home sales gained year-over-year, but the percentage surge, which was less than January 2012, seemed to suggest market leveling. Sales rose 16.7% from a year earlier to 28. This came on the heels of a 23.5% jump year-over-year in January.
A total of 454 new homes were sold during the 12 months that ended in February, up from 450 for the year that ended in January.
Compared to a year earlier, new home sales reflected 10.1% of overall housing sales, down from 14.1% last year. For new and existing homes, sales jumped year-over-year in February after also increasing in January year-over-year.
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Pricing and Mortgage Trends
In February, there was a 1.4% decline year-over-year in the average per-unit price of newly sold homes, settling at $182,118. This decline a drop off from the 34.6% decline in January from a year earlier.
The average mortgage size on newly sold homes rose year-over-year in contrast to the average price of new homes. In February 2012, the average mortgage size on newly sold homes saw a 2.8% rise from a year earlier. Average mortgage size fell 27.6% in January 2012 from a year earlier. Of the overall sale price, the percentage that was being financed increased 3.7 percentage points year-over-year to 91.2% in February 2012.
College Station, TX - Recent Figures for New Home Sales Suggest Market Climb Losing Steam
Posted on: May 06, 2012 09:20:59 AM
In the College Station, TX market in February, new home sales gained year-over-year, but the percentage surge, which was less than January 2012, seemed to suggest market leveling. Sales rose 16.7% from a year earlier to 28. This came on the heels of a 23.5% jump year-over-year in January.
A total of 454 new homes were sold during the 12 months that ended in February, up from 450 for the year that ended in January.
Compared to a year earlier, new home sales reflected 10.1% of overall housing sales, down from 14.1% last year. For new and existing homes, sales jumped year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
In February, there was a 1.4% decline year-over-year in the average per-unit price of newly sold homes, settling at $182,118. This decline a drop off from the 34.6% decline in January from a year earlier.
The average mortgage size on newly sold homes rose year-over-year in contrast to the average price of new homes. In February 2012, the average mortgage size on newly sold homes saw a 2.8% rise from a year earlier. Average mortgage size fell 27.6% in January 2012 from a year earlier. Of the overall sale price, the percentage that was being financed increased 3.7 percentage points year-over-year to 91.2% in February 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family home sales have represented all of new home sales while attached unit sales have accounted for no part of sales.
The average unit size of newly sold homes rose 9.9% year-over-year to 1,501 square feet in February 2012. In January, the average size of new homes sold went from 2,234 square feet a year earlier to 1,788 square feet.
Foreclosures and real estate owned (REO) sales did not look to be a burden on the market. Together, foreclosures plus REO sales represented 11.6% of existing home sales. They accounted for 18.5% in February 2011. The percentage of existing home sales involving foreclosures rose to 8.8% in February from 6.8% a year earlier while REO sales as a percentage of existing home sales fell to 2.8% from 11.6% a year earlier.
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Source: Housing Intelligence