Jackson, TN - Freshest New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: May 07, 2012 09:19:03 AM
In February, sales of new homes increased year-over-year in the Jackson, TN market, but the increase was less than January 2012. New home sales moved from five a year earlier to six after the figure moved from three in January 2011 to seven in January 2012.
A total of 64 new homes were sold during the 12 months that ended in February, up from 63 for the year that ended in January.
New home sales were six out of the 149 total sales, a move on a percentage basis from five of 139 a year earlier. After dropping in January from a year earlier, sales of new and existing homes increased year-over-year in February.
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Pricing and Mortgage Trends
The average price of new homes rose to $213,456 from last year's $141,160. This was on the heels of a 31.1% bump in January year-over-year.
Average mortgage size on new homes went from $196,900 a year earlier to $199,626. Average mortgage size on new homes went from $168,998 in January 2011 to $164,945 in January 2012.
Jackson, TN - Freshest New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: May 07, 2012 09:19:03 AM
In February, sales of new homes increased year-over-year in the Jackson, TN market, but the increase was less than January 2012. New home sales moved from five a year earlier to six after the figure moved from three in January 2011 to seven in January 2012.
A total of 64 new homes were sold during the 12 months that ended in February, up from 63 for the year that ended in January.
New home sales were six out of the 149 total sales, a move on a percentage basis from five of 139 a year earlier. After dropping in January from a year earlier, sales of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes rose to $213,456 from last year's $141,160. This was on the heels of a 31.1% bump in January year-over-year.
Average mortgage size on new homes went from $196,900 a year earlier to $199,626. Average mortgage size on new homes went from $168,998 in January 2011 to $164,945 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 rose from 2,833 square feet a year earlier to 2,882 square feet.
Foreclosures and real estate owned (REO) sales remained level in February from a year earlier, but remained a drag on the market. Together, foreclosures plus REO sales accounted for 51.7% of existing home sales, about the same as a year earlier. The percentage of existing home sales involving foreclosures fell to 32.9% in February from 35.1% a year earlier while REO sales as a percentage of existing home sales rose to 18.9% from 16.4%.
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Source: Housing Intelligence