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Akron, OH - Latest New Home Sales Numbers Suggest Market Rise Strengthening.

Posted on: May 06, 2012 09:10:13 AM

In the Akron, OH market in January, new home sales gained year-over-year, and there were signals of strengthening market conditions as the percentage rise was sharper than December 2011. New home sales saw an 11.1% climb from a year earlier to 20. This followed a 3.6% rise year-over-year in December.

A total of 391 new homes were sold during the 12 months that ended in January, up from 389 for the year that ended in December.

New home sales represented 3.7% of overall housing sales. A year earlier, new home sales accounted for 3.5% of total sales. Sales of new and existing homes rose year-over-year in January after also rising in December year-over-year.

Pricing and Mortgage Trends

In January, there was a 17.0% gain year-over-year in the average price of newly sold homes, reaching $240,973 per unit. This bump is smaller than the 17.7% boost in December year-over-year.

For newly sold homes, the average mortgage size saw a rise year-over-year along with new home prices. The average mortgage size rose to $210,413 in January, marking a 15.7% lift compared with a year earlier. In December 2011, average mortgage size on newly sold homes saw a 1.5% decline from a year earlier. For newly sold homes, the percentage of sale price being financed moved to 87.3% from a year earlier figure of 88.3%. In December 2011, the figure saw a 14.8 percentage point decline from the year earlier.

Other Market Trends

The percentage of new home sales belonging to single-family homes has risen from last year while the portion of new home sales belonging to attached units has dropped. Single-family home sales rose from 94.4% of new sales in January 2011 to all of sales in January 2012. Conversely, the share of new home sales belonging to attached units sank to no part of sales from 5.6% of sales.

There was a more than twofold gain year-over-year in the average unit size of newly sold homes to 3,096 square feet in January 2012. The average size of newly sold homes moved from 2,097 square feet in December 2010 to 1,517 square feet in December 2011.

Foreclosures and real estate owned (REO) sales declined in January from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO sales represented 49.6% of existing home sales, down from 59.8% a year earlier. The percentage of existing home sales involving foreclosures declined to 17.4% in January from 24.6% a year earlier while REO sales as a percentage of existing home sales fell to 32.2% from 35.2% a year earlier.

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