Lexington, KY - Latest Figures for New Home Sales Suggest Market Drop is Mounting
Posted on: May 07, 2012 09:24:11 AM
New home sales declined year-over-year in February in the Lexington, KY market, and the decline was by a larger percentage than the January 2012. New home sales moved from 15 a year earlier to 10 after the figure moved from 19 in January 2011 to 16 in January 2012.
A total of 218 new homes were sold during the 12 months that ended in February, down from 223 for the year that ended in January.
New home sales accounted for 10 of the 234 total sales, a smaller percentage compared with 15 of 248 sales a year earlier. Following a year-over-year decline in January, sales of new and existing homes also dipped year-over-year in February.
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Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $184,632, down from last year's $190,383. This followed a 8.9% decline in January from a year earlier.
Average mortgage size on new homes rose from $148,686 to $158,785. In January 2012, average mortgage size on newly sold homes saw an 9.0% decline from a year earlier. On average, the percentage of new home sale price being financed saw a 7.9 percentage point rise from a year earlier. It went from 90.1% in January 2011 to 90.0% in January 2012.
Lexington, KY - Latest Figures for New Home Sales Suggest Market Drop is Mounting
Posted on: May 07, 2012 09:24:11 AM
New home sales declined year-over-year in February in the Lexington, KY market, and the decline was by a larger percentage than the January 2012. New home sales moved from 15 a year earlier to 10 after the figure moved from 19 in January 2011 to 16 in January 2012.
A total of 218 new homes were sold during the 12 months that ended in February, down from 223 for the year that ended in January.
New home sales accounted for 10 of the 234 total sales, a smaller percentage compared with 15 of 248 sales a year earlier. Following a year-over-year decline in January, sales of new and existing homes also dipped year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $184,632, down from last year's $190,383. This followed a 8.9% decline in January from a year earlier.
Average mortgage size on new homes rose from $148,686 to $158,785. In January 2012, average mortgage size on newly sold homes saw an 9.0% decline from a year earlier. On average, the percentage of new home sale price being financed saw a 7.9 percentage point rise from a year earlier. It went from 90.1% in January 2011 to 90.0% in January 2012.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up one of 10 new home sales after accounting for one of 15 a year earlier. Meanwhile, single-family homes made up nine of 10 new home sales after making up 14 of 15 a year earlier.
The average unit size of newly sold homes fell from 2,042 square feet a year earlier to 1,102 square feet.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales made up 33.5% of sales. They represented 26.2% in February 2011. The percentage of existing home sales involving foreclosures rose to 18.8% in February from 12.4% a year earlier and REO sales moved from 13.7% of existing home sales in February 2011 to 14.7% in February 2012.
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Source: Housing Intelligence