Cleveland, TN - Recent New Home Sales Numbers Give Hints Market Decrease is Slowing
Posted on: May 06, 2012 09:20:31 AM
In the Cleveland, TN market, new home sales sank year-over-year in February, but the decline was less than the year-over-year decline in January. New home sales moved from four a year earlier to one after the figure moved from seven in January 2011 to one in January 2012.
A total of 47 new homes were sold during the 12 months that ended in February, down from 50 for the year that ended in January.
On a percentage basis, new home sales as a part of total sales decreased to 0.8% from 2.9% a year earlier. Following a year-over-year rise in January, sales of new and existing homes declined year-over-year in February.
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Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $64,000, down from last year's $109,200. This followed a 73.7% decline in January from a year earlier.
The average mortgage size went down to $51,200 from $120,272 a year earlier. Average mortgage size on new homes went from $173,273 in January 2011 to $39,000 in January 2012.
Cleveland, TN - Recent New Home Sales Numbers Give Hints Market Decrease is Slowing
Posted on: May 06, 2012 09:20:31 AM
In the Cleveland, TN market, new home sales sank year-over-year in February, but the decline was less than the year-over-year decline in January. New home sales moved from four a year earlier to one after the figure moved from seven in January 2011 to one in January 2012.
A total of 47 new homes were sold during the 12 months that ended in February, down from 50 for the year that ended in January.
On a percentage basis, new home sales as a part of total sales decreased to 0.8% from 2.9% a year earlier. Following a year-over-year rise in January, sales of new and existing homes declined year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $64,000, down from last year's $109,200. This followed a 73.7% decline in January from a year earlier.
The average mortgage size went down to $51,200 from $120,272 a year earlier. Average mortgage size on new homes went from $173,273 in January 2011 to $39,000 in January 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 homes continued to account for all of new home sales.
The average unit size of newly sold homes went from 1,056 square feet in February 2011 to 1,050 square feet in February 2012.
Foreclosures and real estate owned (REO) sales decreased in February from a year earlier, but remained a drag on the market. Foreclosures and REO sales, taken together, represented 45.5% of existing sales, lower than 58.8% a year earlier. The percentage of existing home sales involving foreclosures rose to 28.8% in February from 24.3% a year earlier while REO sales as a percentage of existing home sales declined to 16.7% from 34.6% a year earlier.
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Source: Housing Intelligence