Fort Wayne, IN - Latest Figures for New Home Sales Suggest Market Decline is Subsiding
Posted on: May 07, 2012 09:11:54 AM
In January, the Fort Wayne, IN market saw a decline year-over-year in new home sales, but there were suggestions the market may be stabilizing from a percentage decline less than December 2011. New home sales saw a 4.5% decline from a year earlier to 21 after sales declined 4.7% in December from the year earlier.
A total of 441 new homes were sold during the 12 months that ended in January, down from 442 for the year that ended in December.
Out of all housing sales, new home sales accounted for 4.2%. This is a decline 5.8% of sales a year earlier. Sales of new and existing homes climbed year-over-year in January after also rising in December year-over-year.
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Pricing and Mortgage Trends
The average per-unit value of new homes dipped year-over-year to $179,057 in January, a decline of 8.5% from a year earlier. This decline is larger than the 4.7% decline in December from a year earlier.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. It declined 3.0% in January from a year earlier, reaching $156,559. In December 2011, average mortgage size rose 3.6% from a year earlier. Of the overall sale price, the percentage that was being financed increased 5.0 percentage points year-over-year to 87.4% in January 2012.
Fort Wayne, IN - Latest Figures for New Home Sales Suggest Market Decline is Subsiding
Posted on: May 07, 2012 09:11:54 AM
In January, the Fort Wayne, IN market saw a decline year-over-year in new home sales, but there were suggestions the market may be stabilizing from a percentage decline less than December 2011. New home sales saw a 4.5% decline from a year earlier to 21 after sales declined 4.7% in December from the year earlier.
A total of 441 new homes were sold during the 12 months that ended in January, down from 442 for the year that ended in December.
Out of all housing sales, new home sales accounted for 4.2%. This is a decline 5.8% of sales a year earlier. Sales of new and existing homes climbed year-over-year in January after also rising in December year-over-year.
Pricing and Mortgage Trends
The average per-unit value of new homes dipped year-over-year to $179,057 in January, a decline of 8.5% from a year earlier. This decline is larger than the 4.7% decline in December from a year earlier.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. It declined 3.0% in January from a year earlier, reaching $156,559. In December 2011, average mortgage size rose 3.6% from a year earlier. Of the overall sale price, the percentage that was being financed increased 5.0 percentage points year-over-year to 87.4% in January 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in January 2012. Single-family home sales have made up all of new home sales while attached unit sales have represented no part of sales.
For all new homes sold, the average unit size rose 8.4% year-over-year to 1,899 square feet in January 2012. In December, the average size of new homes sold went from 2,654 square feet a year earlier to 1,970 square feet.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Out of all existing home sales, foreclosures combined with REO sales made up 45.7% of sales. They represented 36.2% in January 2011. The percentage of existing home sales involving foreclosures rose to 26.7% in January from 11.7% a year earlier while REO sales as a percentage of existing home sales slipped to 18.9% from 24.5% a year earlier.
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Source: Housing Intelligence