Knoxville, TN - Recent New Home Sales Numbers Climb Year-Over-Year in February After Drop Year-Over-Year in January
Posted on: May 07, 2012 09:21:23 AM
In February, sales of new homes grew year-over-year in the Knoxville, TN market, bouncing back from a decline in January 2012. New home sales saw a hike of 13.6% from the year earlier to 50. This followed an 8.6% decline year-over-year in January.
A total of 576 new homes were sold during the 12 months that ended in February, up from 570 for the year that ended in January.
New home sales made up 7.0% of overall housing sales. A year ago, new home sales represented 7.7%. Sales of new and existing homes jumped year-over-year in February after also rising in January year-over-year.
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Pricing and Mortgage Trends
The average price of newly sold homes increased 6.5% year-over-year in February to $226,822 per unit. This is a reversal from the 9.2% decline in January from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In February 2012, there was an 11.3% hike in the average mortgage size, reaching $205,997. Average mortgage size sank 13.7% in January 2012 from a year earlier. Of the overall sale price, the percentage that was being financed rose 3.9 percentage points year-over-year to 90.8% in February 2012. This came after a 4.9 percentage point decline in January from a year earlier.
Knoxville, TN - Recent New Home Sales Numbers Climb Year-Over-Year in February After Drop Year-Over-Year in January
Posted on: May 07, 2012 09:21:23 AM
In February, sales of new homes grew year-over-year in the Knoxville, TN market, bouncing back from a decline in January 2012. New home sales saw a hike of 13.6% from the year earlier to 50. This followed an 8.6% decline year-over-year in January.
A total of 576 new homes were sold during the 12 months that ended in February, up from 570 for the year that ended in January.
New home sales made up 7.0% of overall housing sales. A year ago, new home sales represented 7.7%. Sales of new and existing homes jumped year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes increased 6.5% year-over-year in February to $226,822 per unit. This is a reversal from the 9.2% decline in January from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In February 2012, there was an 11.3% hike in the average mortgage size, reaching $205,997. Average mortgage size sank 13.7% in January 2012 from a year earlier. Of the overall sale price, the percentage that was being financed rose 3.9 percentage points year-over-year to 90.8% in February 2012. This came after a 4.9 percentage point decline in January from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. Single-family home sales rose from 79.5% of new sales in February 2011 to 92.0% of sales in February 2012. Conversely, the share of new home sales belonging to attached units declined to 8.0% of sales from 20.5% of sales.
The average unit size of newly sold homes increased 20.5% year-over-year to 2,239 square feet in February 2012. This lift was somewhat steeper than the price rise, which was also seen in January 2012 when the average size of new homes sold grew 30.2% to 1,746 square feet from a year earlier.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Together, foreclosures plus REO sales made up 52.8% of existing home sales. In February 2011, they represented 43.0%. The percentage of existing home sales involving foreclosures rose to 31.0% in February from 27.0% a year earlier while REO sales as a percentage of existing home sales increased to 21.7% from 16.0%.
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Source: Housing Intelligence