Johnson City, TN - Recent New Home Sales Numbers Give Hints Market Decline is Deepening
Posted on: May 07, 2012 09:19:31 AM
New home sales in the Johnson City, TN market declined year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from 12 a year earlier to nine after the figure moved from eight in January 2011 to seven in January 2012.
A total of 119 new homes were sold during the 12 months that ended in February, down from 122 for the year that ended in January.
Out of 183 total sales, nine were of new homes, which makes up a smaller percentage than the 12 out of 157 total sales last year. Following a decline in January year-over-year, sales of new and existing homes increased year-over-year in February.
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Pricing and Mortgage Trends
The average new home price was $189,833 in February 2012, moving north from $149,117 a year earlier. This was on the heels of a 40.0% fall in January from a year earlier.
Average mortgage size on new homes increased to $161,035 from $154,824 last year. Average mortgage size on new homes went from $276,087 in January 2011 to $188,881 in January 2012.
Johnson City, TN - Recent New Home Sales Numbers Give Hints Market Decline is Deepening
Posted on: May 07, 2012 09:19:31 AM
New home sales in the Johnson City, TN market declined year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from 12 a year earlier to nine after the figure moved from eight in January 2011 to seven in January 2012.
A total of 119 new homes were sold during the 12 months that ended in February, down from 122 for the year that ended in January.
Out of 183 total sales, nine were of new homes, which makes up a smaller percentage than the 12 out of 157 total sales last year. Following a decline in January year-over-year, sales of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $189,833 in February 2012, moving north from $149,117 a year earlier. This was on the heels of a 40.0% fall in January from a year earlier.
Average mortgage size on new homes increased to $161,035 from $154,824 last year. Average mortgage size on new homes went from $276,087 in January 2011 to $188,881 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 fell from 2,245 square feet a year earlier to 1,958 square feet.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Combined, foreclosures plus REO sales accounted for 44.3% of existing home sales. They made up 36.6% in February 2011. The percentage of existing home sales involving foreclosures rose to 32.2% in February from 17.9% a year earlier while REO sales as a percentage of existing home sales slipped to 12.1% from 18.6% a year earlier.
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Source: Housing Intelligence