Elmira, NY - Newest New Home Sales Numbers Give Hints Market Decline is Slowing
Posted on: May 06, 2012 09:25:38 AM
In the Elmira, NY market, new home sales declined year-over-year in February, but the decline was less than the year-over-year decline in January. New home sales moved from three a year earlier to two after the figure moved from eight in January 2011 to two in January 2012.
A total of 75 new homes were sold during the 12 months that ended in February, down from 76 for the year that ended in January.
Two of the 236 total sales were new home sales, a shift on a percentage basis from three out of 217 a year earlier. Sales of new and existing homes increased year-over-year in February following a drop in January year-over-year.
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Pricing and Mortgage Trends
The average price for newly sold homes moved north to $235,869 from $113,246 a year ago. This followed a set of periods with no new home sales in both January 2012 or January 2011
Average mortgage size on new homes increased to $188,695 from $104,829 last year.
Elmira, NY - Newest New Home Sales Numbers Give Hints Market Decline is Slowing
Posted on: May 06, 2012 09:25:38 AM
In the Elmira, NY market, new home sales declined year-over-year in February, but the decline was less than the year-over-year decline in January. New home sales moved from three a year earlier to two after the figure moved from eight in January 2011 to two in January 2012.
A total of 75 new homes were sold during the 12 months that ended in February, down from 76 for the year that ended in January.
Two of the 236 total sales were new home sales, a shift on a percentage basis from three out of 217 a year earlier. Sales of new and existing homes increased year-over-year in February following a drop in January year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $235,869 from $113,246 a year ago. This followed a set of periods with no new home sales in both January 2012 or January 2011
Average mortgage size on new homes increased to $188,695 from $104,829 last year.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for two of three last year. Meanwhile, attached units made up no part of new home sales after making up one of three sales a year earlier.
Foreclosures and real estate owned (REO) sales remained level in February from a year earlier, but remained a drag on the market. Combined, foreclosures plue REO sales represented 47.9% of existing home sales, relatively unchanged from a year earlier. The percentage of existing home sales involving foreclosures went from 21.5% in February 2011 to 21.8% in February 2012 and REO sales as a percentage of existing home sales slipped to 26.1% from 27.1% a year earlier.
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Source: Housing Intelligence