New Home Sales and Prices Both Increase in Evansville According to Freshest Data
Posted on: May 06, 2013 07:11:24 AM
There was a rise in closings of new homes in the Evansville, IN market in January year-over-year, rebounding from a year-over-year decline in December 2012. New home closings moved from 12 a year earlier to 16 after the figure moved from 16 in December 2011 to 12 in December 2012.
A total of 172 new homes were sold during the 12 months that ended in January, up from 168 for the year that ended in December.
New home closings were 16 out of the 413 total closings, a move on a percentage basis from 12 of 369 a year earlier. After dropping in December from a year earlier, closings of new and existing homes jumped year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes was $276,141, an increase from $213,453 a year earlier. This came after a 26.9% surge in December year-over-year.
Average mortgage size on new homes rose from $185,753 to $227,002. Average mortgage size on new homes went from $142,455 in December 2011 to $184,311 in December 2012. For new home closings, the percentage of the sale price that was being financed dipped 4.8 percentage points year-over-year to 82.2% in January 2013. This was a swing downward after a 1.7 percentage point rise in December from a year earlier.
New Home Sales and Prices Both Increase in Evansville According to Freshest Data
Posted on: May 06, 2013 07:11:24 AM
There was a rise in closings of new homes in the Evansville, IN market in January year-over-year, rebounding from a year-over-year decline in December 2012. New home closings moved from 12 a year earlier to 16 after the figure moved from 16 in December 2011 to 12 in December 2012.
A total of 172 new homes were sold during the 12 months that ended in January, up from 168 for the year that ended in December.
New home closings were 16 out of the 413 total closings, a move on a percentage basis from 12 of 369 a year earlier. After dropping in December from a year earlier, closings of new and existing homes jumped year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes was $276,141, an increase from $213,453 a year earlier. This came after a 26.9% surge in December year-over-year.
Average mortgage size on new homes rose from $185,753 to $227,002. Average mortgage size on new homes went from $142,455 in December 2011 to $184,311 in December 2012. For new home closings, the percentage of the sale price that was being financed dipped 4.8 percentage points year-over-year to 82.2% in January 2013. This was a swing downward after a 1.7 percentage point rise in December from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen. Single-family home closings made up all of new home closings after accounting for 11 of 12 last year. Meanwhile, attached units made up no part of new home closings after making up one of 12 closings a year earlier.
The average unit size of newly sold homes fell from 2,498 square feet a year earlier to 1,750 square feet.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Combined, foreclosures plus REO closings accounted for 37.3% of existing home closings. They represented 34.5% in January 2012. The percentage of existing home closings involving foreclosures declined to 19.9% in January from 21.6% a year earlier while REO closings as a percentage of existing home closings increased to 17.4% from 12.9%.
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Source: Housing Intelligence