Birmingham, AL - Newest New home Sales Remain Steady
Posted on: May 06, 2012 09:15:39 AM
New home sales in the Birmingham, AL market remained steady year-over-year in January, stabilizing after dropping in December from the year earlier. Sales remained steady at 25 after the 46.0% decline in the same month last year.
A total of 417 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
As a percentage of overall housing sales, new home sales represented 13.8%. This is a rise from 11.8% of sales a year earlier. Following a year-over-year decline in December, sales of new and existing homes also slid year-over-year in January.
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Pricing and Mortgage Trends
For newly sold homes, there was a 25.2% lift year-over-year of average price in January, moving to $185,512. This surge is a swing up from a 6.3% decline in December from a year earlier.
For newly sold homes, the average mortgage size jumped year-over-year along with new home prices. The average mortgage size rose to $179,232 in January, marking a 37.5% boost compared with a year earlier. In December 2011, average mortgage size rose 17.6% from a year earlier.
Birmingham, AL - Newest New home Sales Remain Steady
Posted on: May 06, 2012 09:15:39 AM
New home sales in the Birmingham, AL market remained steady year-over-year in January, stabilizing after dropping in December from the year earlier. Sales remained steady at 25 after the 46.0% decline in the same month last year.
A total of 417 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
As a percentage of overall housing sales, new home sales represented 13.8%. This is a rise from 11.8% of sales a year earlier. Following a year-over-year decline in December, sales of new and existing homes also slid year-over-year in January.
Pricing and Mortgage Trends
For newly sold homes, there was a 25.2% lift year-over-year of average price in January, moving to $185,512. This surge is a swing up from a 6.3% decline in December from a year earlier.
For newly sold homes, the average mortgage size jumped year-over-year along with new home prices. The average mortgage size rose to $179,232 in January, marking a 37.5% boost compared with a year earlier. In December 2011, average mortgage size rose 17.6% from a year earlier.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in January 2012. Single-family home sales have accounted for all of new home sales while attached unit sales have made up no part 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. Combined, foreclosures plus REO sales accounted for 84.6% of existing home sales, above 73.1% a year earlier. The percentage of existing home sales involving foreclosures rose to 49.4% in January from 32.3% a year earlier while REO sales as a percentage of existing home sales slipped to 35.3% from 40.9% a year earlier.
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Source: Housing Intelligence