Dayton, OH - Newest Figures for New Home Sales Suggest Market Decline is Mounting
Posted on: May 06, 2012 09:23:18 AM
Sales of new homes declined year-over-year in January in the Dayton, OH market, and the percentage fall was more severe than December 2011, indicating the market may be worsening. Sales slid 58.3% from a year earlier to 15. This came after a 16.3% drop year-over-year in December.
A total of 474 new homes were sold during the 12 months that ended in January, down from 495 for the year that ended in December.
Out of all housing sales, new home sales made up 2.2%. This is a decline 5.3% of sales a year earlier. After remaining steady in December from a year earlier, sales of new and existing homes increased in January.
Advertisement
Pricing and Mortgage Trends
In January, the average value of new homes saw a 44.3% rise year-over-year as it grew to $290,820 per unit. This hike is an improvement over the 18.9% boost in December year-over-year.
For newly sold homes, the average mortgage size saw a bump year-over-year along with new home prices. In January 2012, the average mortgage size was $250,263, a 28.0% lift from a year earlier. In December 2011, average mortgage size on newly sold homes saw a 17.3% gain year-over-year from a year earlier. The overall percentage of sale price that was being financed fell 10.9 percentage points year-over-year to 86.1% in January 2012.
Dayton, OH - Newest Figures for New Home Sales Suggest Market Decline is Mounting
Posted on: May 06, 2012 09:23:18 AM
Sales of new homes declined year-over-year in January in the Dayton, OH market, and the percentage fall was more severe than December 2011, indicating the market may be worsening. Sales slid 58.3% from a year earlier to 15. This came after a 16.3% drop year-over-year in December.
A total of 474 new homes were sold during the 12 months that ended in January, down from 495 for the year that ended in December.
Out of all housing sales, new home sales made up 2.2%. This is a decline 5.3% of sales a year earlier. After remaining steady in December from a year earlier, sales of new and existing homes increased in January.
Pricing and Mortgage Trends
In January, the average value of new homes saw a 44.3% rise year-over-year as it grew to $290,820 per unit. This hike is an improvement over the 18.9% boost in December year-over-year.
For newly sold homes, the average mortgage size saw a bump year-over-year along with new home prices. In January 2012, the average mortgage size was $250,263, a 28.0% lift from a year earlier. In December 2011, average mortgage size on newly sold homes saw a 17.3% gain year-over-year from a year earlier. The overall percentage of sale price that was being financed fell 10.9 percentage points year-over-year to 86.1% in January 2012.
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 grew from 94.4% of new sales in January 2011 to all of sales in January 2012. Meanwhile, attached units as a percentage of all new home sales sank to no part of sales from 5.6% of sales.
There was a 50.1% surge year-over-year in the average unit size of newly sold homes to 3,807 square feet in January 2012. A rise was also seen in December 2011 when the average size of new homes sold rose 5.3% to 2,177 square feet.
Foreclosures and real estate owned (REO) sales stayed steady in January from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO sales accounted for 57.8% of existing home sales, about the same as a year earlier. The percentage of existing home sales involving foreclosures dipped to 24.9% in January from 28.0% a year earlier while REO sales as a percentage of existing home sales increased to 32.9% from 30.8%.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence