San Antonio, TX - Recent New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:43:01 AM
In the San Antonio, TX market, sales of new homes increased year-over-year in February, an upward turn from a decline in January 2012. Sales rose 5.4% from a year earlier to 486, relative to a move from 373 in January 2011 to 371 in January 2012.
A total of 6,438 new homes were sold during the 12 months that ended in February, up from 6,413 for the year that ended in January.
As a percentage of overall housing sales, new home sales accounted for 17.5% of overall housing sales. A year earlier, new home sales represented 18.2% of total sales. Following a decline in January year-over-year, sales of new and existing homes rose year-over-year in February.
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Pricing and Mortgage Trends
The average per-unit price of newly sold homes increased year-over-year to $220,465 in February, up 6.6% from last year. This rise is an improvement over the 4.2% rise in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. Average mortgage size rose 5.3% to $203,619 in February from a year earlier. In January 2012, average mortgage size increased 3.4% from a year earlier. On average, the percentage of new home sale price being financed saw a 1.1 percentage point decline from a year earlier. It went from 93.3% in January 2011 to 92.5% in January 2012.
San Antonio, TX - Recent New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:43:01 AM
In the San Antonio, TX market, sales of new homes increased year-over-year in February, an upward turn from a decline in January 2012. Sales rose 5.4% from a year earlier to 486, relative to a move from 373 in January 2011 to 371 in January 2012.
A total of 6,438 new homes were sold during the 12 months that ended in February, up from 6,413 for the year that ended in January.
As a percentage of overall housing sales, new home sales accounted for 17.5% of overall housing sales. A year earlier, new home sales represented 18.2% of total sales. Following a decline in January year-over-year, sales of new and existing homes rose year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes increased year-over-year to $220,465 in February, up 6.6% from last year. This rise is an improvement over the 4.2% rise in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. Average mortgage size rose 5.3% to $203,619 in February from a year earlier. In January 2012, average mortgage size increased 3.4% from a year earlier. On average, the percentage of new home sale price being financed saw a 1.1 percentage point decline from a year earlier. It went from 93.3% in January 2011 to 92.5% in January 2012.
Other Market Trends
Single-family homes accounted for a greater percentage of new home sales than last year. Single-family home sales increased from 98.7% of new sales in February 2011 to all of sales in February 2012. Conversely, the share of new home sales belonging to attached units sank to no part of sales from 1.3% of sales.
For all new homes sold, the average unit size rose 2.8% year-over-year to 2,259 square feet in February 2012. The average size of newly sold homes moved from 2,364 square feet in January 2011 to 2,246 square feet in January 2012.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales accounted for 33.5% of existing home sales. They made up 36.8% in February 2011. The percentage of existing home sales involving foreclosures stayed at 17.7% of sales in February from a year earlier while REO sales as a percentage of existing home sales fell to 15.8% from 19.1% a year earlier.
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Source: Housing Intelligence