Clarksville, TN-KY - Latest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 06, 2012 09:20:15 AM
New home sales in the Clarksville, TN-KY market jumped year-over-year in February, and the percentage hike, which was better than January 2012, suggested the market may be improving. New home sales saw a rise of more than twofold from the year earlier to 53 after sales climbed 28.9% in January from the year earlier.
A total of 686 new homes were sold during the 12 months that ended in February, up from 658 for the year that ended in January.
As a percentage of overall housing sales, new home sales represented 15.0%. This is an increase on a percentage basis, as new home sales were 7.5% of total sales a year ago. Sales of new and existing homes increased year-over-year in February after also rising in January year-over-year.
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Pricing and Mortgage Trends
Average price of newly sold homes had a 4.3% decline year-over-year to $195,690 per unit in February. This decline is larger than the 4.3% decline in January from a year earlier.
For newly sold homes, the average mortgage size fell year-over-year in contrast to average price of new homes. In February 2012, the average mortgage size on newly sold homes saw a 3.2% decline from a year earlier. In January 2012, average mortgage size declined 7.0% from a year earlier. For new home sales, the percentage of the sale price that was being financed rose 1.1 percentage points year-over-year to 96.8% in February 2012. This came after a 2.7 percentage point decline in January from a year earlier.
Clarksville, TN-KY - Latest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 06, 2012 09:20:15 AM
New home sales in the Clarksville, TN-KY market jumped year-over-year in February, and the percentage hike, which was better than January 2012, suggested the market may be improving. New home sales saw a rise of more than twofold from the year earlier to 53 after sales climbed 28.9% in January from the year earlier.
A total of 686 new homes were sold during the 12 months that ended in February, up from 658 for the year that ended in January.
As a percentage of overall housing sales, new home sales represented 15.0%. This is an increase on a percentage basis, as new home sales were 7.5% of total sales a year ago. Sales of new and existing homes increased year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 4.3% decline year-over-year to $195,690 per unit in February. This decline is larger than the 4.3% decline in January from a year earlier.
For newly sold homes, the average mortgage size fell year-over-year in contrast to average price of new homes. In February 2012, the average mortgage size on newly sold homes saw a 3.2% decline from a year earlier. In January 2012, average mortgage size declined 7.0% from a year earlier. For new home sales, the percentage of the sale price that was being financed rose 1.1 percentage points year-over-year to 96.8% in February 2012. This came after a 2.7 percentage point decline in January 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 February 2012. Single-family home sales have made up all of new home sales while attached unit sales have represented no part of sales.
For all new homes sold, the average unit size slipped 5.5% year-over-year to 2,104 square feet in February 2012.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Together, foreclosures plus REO sales made up 30.2% of existing home sales. They accounted for 31.6% in February 2011. The percentage of existing home sales involving foreclosures rose to 19.3% in February from 15.2% a year earlier while REO sales as a percentage of existing home sales fell to 11.0% from 16.5% a year earlier.
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Source: Housing Intelligence