New Home Sales and Prices Decrease in Birmingham According to Freshest Data
Posted on: May 06, 2013 07:03:59 AM
New home closings sank year-over-year in January in the Birmingham, AL market, but compared with December 2012, the percentage fall was less steep, suggesting that the market may be evening out. Closings sank 20.0% from a year earlier to 20. This came on the heels of a 33.3% fall year-over-year in December.
A total of 186 new homes were sold during the 12 months that ended in January, down from 191 for the year that ended in December.
As a percentage of overall housing closings, new home closings made up 6.5%. This is down from the a year earlier when new home closings accounted for 13.5% of total closings. For new and existing homes, closings jumped year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price fell 7.4% year-over-year in January to $171,731 per unit. This is a downward shift from a 24.9% boost in December year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. It declined 3.4% in January from a year earlier to $173,155. In December 2012, average mortgage size rose 2.1% from a year earlier.
New Home Sales and Prices Decrease in Birmingham According to Freshest Data
Posted on: May 06, 2013 07:03:59 AM
New home closings sank year-over-year in January in the Birmingham, AL market, but compared with December 2012, the percentage fall was less steep, suggesting that the market may be evening out. Closings sank 20.0% from a year earlier to 20. This came on the heels of a 33.3% fall year-over-year in December.
A total of 186 new homes were sold during the 12 months that ended in January, down from 191 for the year that ended in December.
As a percentage of overall housing closings, new home closings made up 6.5%. This is down from the a year earlier when new home closings accounted for 13.5% of total closings. For new and existing homes, closings jumped year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price fell 7.4% year-over-year in January to $171,731 per unit. This is a downward shift from a 24.9% boost in December year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. It declined 3.4% in January from a year earlier to $173,155. In December 2012, average mortgage size rose 2.1% 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 2013. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 40.9% of existing closings, lower than 83.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 20.3% in January from 48.8% a year earlier while REO closings as a percentage of existing home closings fell to 20.6% from 35.0% a year earlier.
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Source: Housing Intelligence