Elkhart, IN - Latest Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 06, 2012 09:25:24 AM
In the Elkhart, IN market, new home sales fell year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from 14 a year earlier to six after the figure moved from 11 in January 2011 to eight in January 2012.
A total of 153 new homes were sold during the 12 months that ended in February, down from 161 for the year that ended in January.
Out of 82 total sales, six were of new homes, which makes up a smaller percentage than the 14 out of 127 total sales last year. Following a year-over-year decline in January, sales of new and existing homes also dropped year-over-year in February.
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Pricing and Mortgage Trends
The average new home price was $200,525 in February 2012, up from $197,227 a year earlier. This came after a 12.5% drop in January from a year earlier.
From the year-ago figure of $194,130, the average mortgage size on new homes moved up to $200,730. Average mortgage size on new homes went from $185,630 in January 2011 to $167,563 in January 2012.
Elkhart, IN - Latest Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 06, 2012 09:25:24 AM
In the Elkhart, IN market, new home sales fell year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from 14 a year earlier to six after the figure moved from 11 in January 2011 to eight in January 2012.
A total of 153 new homes were sold during the 12 months that ended in February, down from 161 for the year that ended in January.
Out of 82 total sales, six were of new homes, which makes up a smaller percentage than the 14 out of 127 total sales last year. Following a year-over-year decline in January, sales of new and existing homes also dropped year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $200,525 in February 2012, up from $197,227 a year earlier. This came after a 12.5% drop in January from a year earlier.
From the year-ago figure of $194,130, the average mortgage size on new homes moved up to $200,730. Average mortgage size on new homes went from $185,630 in January 2011 to $167,563 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.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Combined, foreclosures plus REO sales made up 38.2% of existing home sales. They represented 46.0% in February 2011. The percentage of existing home sales involving foreclosures went from 27.4% in February 2011 to 27.6% in February 2012 and REO sales as a percentage of existing home sales dipped to 10.5% from 18.6% a year earlier.
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Source: Housing Intelligence