Latest Figures Show New Home Prices Gain, Sales Decline in Montgomery
Posted on: May 06, 2013 07:24:51 AM
In the Montgomery, AL market in December, closings of new homes sank year-over-year, and the percentage decline was steeper than November 2012. New home closings saw a drop of 34.1% from the year earlier to 27. This followed a 29.0% decline year-over-year in November.
A total of 309 new homes were sold during the 12 months that ended in December, down from 323 for the year that ended in November.
New home closings represented 15.3% of overall housing closings. This is down from the 17.6% of closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes dropped year-over-year in December.
Pricing and Mortgage Trends
The average price of newly sold homes rose year-over-year 10.0% in December to $275,708 per unit. This rise is smaller than the 10.9% boost in November year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 7.8% rise year-over-year to $241,062 in December. Average mortgage size increased 9.1% in November 2012 from a year earlier. The overall percentage of sale price that was being financed slipped 1.7 percentage points year-over-year to 87.4% in December 2012.
Latest Figures Show New Home Prices Gain, Sales Decline in Montgomery
Posted on: May 06, 2013 07:24:51 AM
In the Montgomery, AL market in December, closings of new homes sank year-over-year, and the percentage decline was steeper than November 2012. New home closings saw a drop of 34.1% from the year earlier to 27. This followed a 29.0% decline year-over-year in November.
A total of 309 new homes were sold during the 12 months that ended in December, down from 323 for the year that ended in November.
New home closings represented 15.3% of overall housing closings. This is down from the 17.6% of closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes dropped year-over-year in December.
Pricing and Mortgage Trends
The average price of newly sold homes rose year-over-year 10.0% in December to $275,708 per unit. This rise is smaller than the 10.9% boost in November year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 7.8% rise year-over-year to $241,062 in December. Average mortgage size increased 9.1% in November 2012 from a year earlier. The overall percentage of sale price that was being financed slipped 1.7 percentage points year-over-year to 87.4% in December 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in December 2012. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
For all new homes sold, the average unit size dipped 7.1% year-over-year to 2,285 square feet in December 2012.
Foreclosures and real estate owned (REO) closings remained a drag on the market. Combined, foreclosures plus REO closings represented 52.0% of existing home closings. In December 2011, they accounted for 48.4%. The percentage of existing home closings involving foreclosures went from 20.8% in December 2011 to 21.3% in December 2012 and REO closings as a percentage of existing home closings rose to 30.7% from 27.6%.
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Source: Housing Intelligence