Huntsville, AL - Latest New Home Sales Numbers Suggest Market Fall is Deepening
Posted on: May 07, 2012 09:17:31 AM
New home sales in the Huntsville, AL market slid year-over-year in February, and there were signs of weakening market conditions with a percentage decline steeper than that of January 2012. New home sales saw a fall of 47.5% from the year earlier to 63 after sales declined 8.9% in January from the year earlier.
A total of 1,410 new homes were sold during the 12 months that ended in February, down from 1,467 for the year that ended in January.
New home sales as a percentage of overall housing sales fell to 15.8% from 28.0% of sales a year earlier. Following a year-over-year decline in January, sales of new and existing homes also dipped year-over-year in February.
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Pricing and Mortgage Trends
From February 2011 to February 2012, the average price of newly sold homes went from $242,032 to $244,263. This came after a 5.1% rise in January year-over-year.
Average mortgage size on new homes increased year-over-year along with new home prices. In February 2012, the average mortgage size was $206,207, a 2.1% rise from a year earlier. In January 2012, average mortgage size rose 5.8% from a year earlier. For newly sold homes, the percentage of sale price being financed moved from 83.5% of average price to 84.4% from a year earlier. It moved from 81.7% in January 2011 to 82.3% in January 2012.
Huntsville, AL - Latest New Home Sales Numbers Suggest Market Fall is Deepening
Posted on: May 07, 2012 09:17:31 AM
New home sales in the Huntsville, AL market slid year-over-year in February, and there were signs of weakening market conditions with a percentage decline steeper than that of January 2012. New home sales saw a fall of 47.5% from the year earlier to 63 after sales declined 8.9% in January from the year earlier.
A total of 1,410 new homes were sold during the 12 months that ended in February, down from 1,467 for the year that ended in January.
New home sales as a percentage of overall housing sales fell to 15.8% from 28.0% of sales a year earlier. Following a year-over-year decline in January, sales of new and existing homes also dipped year-over-year in February.
Pricing and Mortgage Trends
From February 2011 to February 2012, the average price of newly sold homes went from $242,032 to $244,263. This came after a 5.1% rise in January year-over-year.
Average mortgage size on new homes increased year-over-year along with new home prices. In February 2012, the average mortgage size was $206,207, a 2.1% rise from a year earlier. In January 2012, average mortgage size rose 5.8% from a year earlier. For newly sold homes, the percentage of sale price being financed moved from 83.5% of average price to 84.4% from a year earlier. It moved from 81.7% in January 2011 to 82.3% in January 2012.
Other Market Trends
Sales of attached units, as a percentage of new home sales, have gained from last year while sales of single-family homes have fallen. Attached unit sales gained from no part of all sales in February 2011 to 3.2% of sales in February 2012. At the same time, the share belonging to single-family homes dropped to 96.8% of sales from all of sales.
The average unit size of newly sold homes declined 41.6% year-over-year to 1,268 square feet in February 2012. The average size of newly sold homes moved from 2,364 square feet in January 2011 to 1,852 square feet in January 2012.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Out of all existing home sales, foreclosures combined with REO sales represented 41.7% of sales. In February 2011, they accounted for 49.0%. The percentage of existing home sales involving foreclosures fell to 18.8% in February from 26.0% a year earlier and REO sales moved from 23.1% of existing home sales in February 2011 to 22.9% in February 2012.
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Source: Housing Intelligence