Mobile, AL - Latest New Home Sales Numbers Give Hints Market Drop is Deepening
Posted on: May 07, 2012 09:29:09 AM
In the Mobile, AL market, new home sales declined year-over-year in February, and the percentage decline that was steeper than January 2012 gave implication of worsening market conditions. New home sales saw a fall of 41.2% from the year earlier to 30. This followed a 36.1% fall year-over-year in January.
A total of 443 new homes were sold during the 12 months that ended in February, down from 464 for the year that ended in January.
New home sales as a percentage of overall housing sales fell to 6.5% from 10.8% of sales a year earlier. Following a year-over-year decline in January, sales of new and existing homes also slipped year-over-year in February.
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Pricing and Mortgage Trends
The average price of newly sold homes increased 2.3% year-over-year in February to $211,436 per unit. This is an upward shift from the 38.8% drop 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, the average mortgage size on newly sold homes saw a 20.6% surge from a year earlier. In January 2012, average mortgage size dropped 21.7% from a year earlier.
Mobile, AL - Latest New Home Sales Numbers Give Hints Market Drop is Deepening
Posted on: May 07, 2012 09:29:09 AM
In the Mobile, AL market, new home sales declined year-over-year in February, and the percentage decline that was steeper than January 2012 gave implication of worsening market conditions. New home sales saw a fall of 41.2% from the year earlier to 30. This followed a 36.1% fall year-over-year in January.
A total of 443 new homes were sold during the 12 months that ended in February, down from 464 for the year that ended in January.
New home sales as a percentage of overall housing sales fell to 6.5% from 10.8% of sales a year earlier. Following a year-over-year decline in January, sales of new and existing homes also slipped year-over-year in February.
Pricing and Mortgage Trends
The average price of newly sold homes increased 2.3% year-over-year in February to $211,436 per unit. This is an upward shift from the 38.8% drop 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, the average mortgage size on newly sold homes saw a 20.6% surge from a year earlier. In January 2012, average mortgage size dropped 21.7% from a year earlier.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family home sales have accounted for all of new home sales while attached unit sales have represented no part of sales.
For all new homes sold, the average unit size jumped 22.5% year-over-year to 2,340 square feet in February 2012. An increase was also seen in January 2012 when the average size of new homes sold gained 15.4% to 2,184 square feet.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Together, foreclosures plus REO sales made up 58.9% of existing home sales. In February 2011, they represented 67.5%. The percentage of existing home sales involving foreclosures declined to 28.4% in February from 36.1% a year earlier and REO sales moved from 31.4% of existing home sales in February 2011 to 30.5% in February 2012.
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Source: Housing Intelligence