Recent Figures Show New Home Prices Climb, Sales Decline in Knoxville
Posted on: May 06, 2013 07:19:04 AM
Closings of new homes fell year-over-year in February in the Knoxville, TN market, and the percentage fall was steeper than January 2013. New home closings saw a 39.2% decline from a year earlier to 31. This followed a 26.7% decline year-over-year in January.
A total of 517 new homes were sold during the 12 months that ended in February, down from 537 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 5.3%. This is less than the a year earlier when new home closings accounted for 6.8% of total closings. Following a year-over-year decline in January, closings of new and existing homes also sank year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes grew 12.4% year-over-year in February to $264,114 per unit. This is a swing north from the 11.4% decline in January from a year earlier.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. In February 2013, the average mortgage size on newly sold homes saw a 6.2% rise from a year earlier. Average mortgage size declined 12.5% in January 2013 from a year earlier. For new home closings, the percentage of the sale price that was being financed fell 5.0 percentage points year-over-year to 85.1% in February 2013.
Recent Figures Show New Home Prices Climb, Sales Decline in Knoxville
Posted on: May 06, 2013 07:19:04 AM
Closings of new homes fell year-over-year in February in the Knoxville, TN market, and the percentage fall was steeper than January 2013. New home closings saw a 39.2% decline from a year earlier to 31. This followed a 26.7% decline year-over-year in January.
A total of 517 new homes were sold during the 12 months that ended in February, down from 537 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 5.3%. This is less than the a year earlier when new home closings accounted for 6.8% of total closings. Following a year-over-year decline in January, closings of new and existing homes also sank year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes grew 12.4% year-over-year in February to $264,114 per unit. This is a swing north from the 11.4% decline in January from a year earlier.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. In February 2013, the average mortgage size on newly sold homes saw a 6.2% rise from a year earlier. Average mortgage size declined 12.5% in January 2013 from a year earlier. For new home closings, the percentage of the sale price that was being financed fell 5.0 percentage points year-over-year to 85.1% in February 2013.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings jumped from 92.2% of new closings in February 2012 to 93.5% of closings in February 2013. Meanwhile, attached units as a percentage of all new home closings dropped to 6.5% of closings from 7.8% of closings.
For all new homes sold, the average unit size fell 38.0% year-over-year to 1,437 square feet in February 2013. The average size of newly sold homes moved from 2,004 square feet in January 2012 to 2,098 square feet in January 2013.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Together, foreclosures plus REO closings made up 43.7% of existing home closings. In February 2012, they represented 53.6%. The percentage of existing home closings involving foreclosures sank to 20.0% in February from 32.0% a year earlier while REO closings as a percentage of existing home closings rose to 23.7% from 21.6%.
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Source: Housing Intelligence