Bay City, MI - Recent New Home Sales Stay Steady
Posted on: May 06, 2012 09:14:04 AM
Sales of new homes in the Bay City, MI market saw no change year-over-year in February, remaining unchanged after minimal movement in January from the year earlier. Sales were unchanged at one from a year earlier after remaining steady at one in January from the year earlier.
A total of 22 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home sales were one out of the 87 total sales, a move on a percentage basis from one of 109 a year earlier. Sales of new and existing homes slid year-over-year in February after also falling in January year-over-year.
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The average price of new homes was $38,000 per unit in February 2012, which is down from $217,000 a year ago. This followed a 15.4% lift in January year-over-year.
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 homes continued to account for all of new home sales.
Bay City, MI - Recent New Home Sales Stay Steady
Posted on: May 06, 2012 09:14:04 AM
Sales of new homes in the Bay City, MI market saw no change year-over-year in February, remaining unchanged after minimal movement in January from the year earlier. Sales were unchanged at one from a year earlier after remaining steady at one in January from the year earlier.
A total of 22 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home sales were one out of the 87 total sales, a move on a percentage basis from one of 109 a year earlier. Sales of new and existing homes slid year-over-year in February after also falling in January year-over-year.
The average price of new homes was $38,000 per unit in February 2012, which is down from $217,000 a year ago. This followed a 15.4% lift in January year-over-year.
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 homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales declined in February from a year earlier, but remained a burden on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 62.8% of sales, below 74.1% a year earlier. The percentage of existing home sales involving foreclosures fell to 37.2% in February from 43.5% a year earlier while REO sales as a percentage of existing home sales slipped to 25.6% from 30.6% a year earlier.
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Source: Housing Intelligence