New Home Prices Climb in Memphis According to Newest Figures, Sales Fall
Posted on: May 06, 2013 07:23:19 AM
The Memphis, TN market saw a drop in new home closings year-over-year in February, but the market seemed to be hinting at improvement with a percentage fall less steep than in January 2013. Closings slid 10.3% from a year earlier to 52, relative to a 16.9% drop in January from the year earlier.
A total of 973 new homes were sold during the 12 months that ended in February, down from 979 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 4.1% of overall housing closings. New home closings were 3.7% of overall closings last year. Following a year-over-year decline in January, closings of new and existing homes also slid year-over-year in February.
Pricing and Mortgage Trends
In February, there was a 14.3% bump year-over-year in the average price of newly sold homes, reaching $254,695 per unit. This surge is higher than the 14.0% lift in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In February 2013, average mortgage size rose 13.4% from a year earlier to $224,202. In January 2013, average mortgage size jumped 13.5% from a year earlier. The overall percentage of sale price that was being financed went from 88.8% of average price to 88.0% from a year earlier. It went from 91.3% in January 2012 to 90.9% in January 2013.
New Home Prices Climb in Memphis According to Newest Figures, Sales Fall
Posted on: May 06, 2013 07:23:19 AM
The Memphis, TN market saw a drop in new home closings year-over-year in February, but the market seemed to be hinting at improvement with a percentage fall less steep than in January 2013. Closings slid 10.3% from a year earlier to 52, relative to a 16.9% drop in January from the year earlier.
A total of 973 new homes were sold during the 12 months that ended in February, down from 979 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 4.1% of overall housing closings. New home closings were 3.7% of overall closings last year. Following a year-over-year decline in January, closings of new and existing homes also slid year-over-year in February.
Pricing and Mortgage Trends
In February, there was a 14.3% bump year-over-year in the average price of newly sold homes, reaching $254,695 per unit. This surge is higher than the 14.0% lift in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In February 2013, average mortgage size rose 13.4% from a year earlier to $224,202. In January 2013, average mortgage size jumped 13.5% from a year earlier. The overall percentage of sale price that was being financed went from 88.8% of average price to 88.0% from a year earlier. It went from 91.3% in January 2012 to 90.9% in January 2013.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes climbed from 96.6% in February 2012 to all of closings in February 2013. Meanwhile, attached units as a percentage of all new home closings fell to no part of closings from 3.4% of closings.
There was a 15.2% hike year-over-year in the average unit size of newly sold homes to 2,805 square feet in February 2013. In January, the average size of new homes sold went from 2,403 square feet a year earlier to 2,309 square feet.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 55.3% of closings. They made up 63.7% in February 2012. The percentage of existing home closings involving foreclosures declined to 26.2% in February from 37.4% a year earlier while REO closings as a percentage of existing home closings increased to 29.0% from 26.3%.
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Source: Housing Intelligence