Champaign, IL - Freshest Figures for New Home Sales Suggest Market Decrease is Mounting
Posted on: May 06, 2012 09:18:38 AM
In February, the Champaign, IL market saw a decline year-over-year in new home sales, and the decline was by a larger percentage than the January 2012. New home sales moved from 12 a year earlier to seven after the figure moved from seven in January 2011 to six in January 2012.
A total of 154 new homes were sold during the 12 months that ended in February, down from 159 for the year that ended in January.
New home sales were seven of the 131 total sales, down on a percentage basis from 12 of 127 a year earlier. Sales of new and existing homes increased year-over-year in February following a decline in January year-over-year.
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Pricing and Mortgage Trends
The average per-unit price of new homes was $225,071, compared with $283,167 last year. This followed a 41.6% fall in January from a year earlier.
Average mortgage size on new homes fell from $216,997 to $178,178. Average mortgage size on new homes went from $300,272 in January 2011 to $135,137 in January 2012. For new home sales, the percentage of the sale price that was being financed rose 2.5 percentage points year-over-year to 79.2% in February 2012. In January 2012, there was a 20.3 percentage point decline in January from a year earlier.
Champaign, IL - Freshest Figures for New Home Sales Suggest Market Decrease is Mounting
Posted on: May 06, 2012 09:18:38 AM
In February, the Champaign, IL market saw a decline year-over-year in new home sales, and the decline was by a larger percentage than the January 2012. New home sales moved from 12 a year earlier to seven after the figure moved from seven in January 2011 to six in January 2012.
A total of 154 new homes were sold during the 12 months that ended in February, down from 159 for the year that ended in January.
New home sales were seven of the 131 total sales, down on a percentage basis from 12 of 127 a year earlier. Sales of new and existing homes increased year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $225,071, compared with $283,167 last year. This followed a 41.6% fall in January from a year earlier.
Average mortgage size on new homes fell from $216,997 to $178,178. Average mortgage size on new homes went from $300,272 in January 2011 to $135,137 in January 2012. For new home sales, the percentage of the sale price that was being financed rose 2.5 percentage points year-over-year to 79.2% in February 2012. In January 2012, there was a 20.3 percentage point decline in January from a year earlier.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up two of seven new home sales after accounting for no part of sales a year earlier. Meanwhile, single-family homes made up five of seven new home sales after making up all of sales a year earlier.
Foreclosures and real estate owned (REO) sales continued to decline from a year earlier in February, but did not appear to be dragging the market. Combined, foreclosures plus REO sales made up 19.4% of existing home sales, below 33.9% a year earlier. The percentage of existing home sales involving foreclosures dipped to 7.3% in February from 16.5% a year earlier while REO sales as a percentage of existing home sales declined to 12.1% from 17.4% a year earlier.
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Source: Housing Intelligence