Kingsport, TN - Latest New Home Sales Increase Year-Over-Year in January After Falling Year-Over-Year in December
Posted on: May 07, 2012 09:21:00 AM
In the Kingsport, TN market in January, sales of new homes climbed year-over-year, rebounding from a year-over-year decline in December 2011. New home sales moved from one a year earlier to three after the figure moved from eight in December 2010 to six in December 2011.
A total of 93 new homes were sold during the 12 months that ended in January, up from 91 for the year that ended in December.
New home sales were three of the 209 total sales, up on a percentage basis from one of 250 a year earlier. Following a year-over-year increase in December, sales of new and existing homes slid year-over-year in January.
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Pricing and Mortgage Trends
The average new home value went from $110,000 last year to $156,833,. This came after a 27.8% rise in December year-over-year.
The average mortgage size on new homes was $140,000, up from $102,500. Average mortgage size on new homes went from $285,760 in December 2010 to $360,298 in December 2011. For new home sales, the percentage of the sale price that was being financed dipped 3.9 percentage points year-over-year to 89.3% in January 2012.
Kingsport, TN - Latest New Home Sales Increase Year-Over-Year in January After Falling Year-Over-Year in December
Posted on: May 07, 2012 09:21:00 AM
In the Kingsport, TN market in January, sales of new homes climbed year-over-year, rebounding from a year-over-year decline in December 2011. New home sales moved from one a year earlier to three after the figure moved from eight in December 2010 to six in December 2011.
A total of 93 new homes were sold during the 12 months that ended in January, up from 91 for the year that ended in December.
New home sales were three of the 209 total sales, up on a percentage basis from one of 250 a year earlier. Following a year-over-year increase in December, sales of new and existing homes slid year-over-year in January.
Pricing and Mortgage Trends
The average new home value went from $110,000 last year to $156,833,. This came after a 27.8% rise in December year-over-year.
The average mortgage size on new homes was $140,000, up from $102,500. Average mortgage size on new homes went from $285,760 in December 2010 to $360,298 in December 2011. For new home sales, the percentage of the sale price that was being financed dipped 3.9 percentage points year-over-year to 89.3% 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 January 2012. Single-family homes continued to account for all of new home sales.
The average unit size of newly sold homes rose from 1,176 square feet a year earlier to 1,616 square feet.
Foreclosures and real estate owned (REO) sales declined in January from a year earlier, but remained a burden on the market. Foreclosures and REO sales, taken together, accounted for 43.2% of existing sales, lower than 53.8% a year earlier. The percentage of existing home sales involving foreclosures fell to 24.8% in January from 40.6% a year earlier while REO sales as a percentage of existing home sales rose to 18.4% from 13.3%.
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Source: Housing Intelligence