Lansing, MI - Freshest Figures for New Home Sales Suggest Market Decrease is Mounting
Posted on: May 07, 2012 09:23:00 AM
Sales of new homes dropped year-over-year in February in the Lansing, MI market, and the decline was by a larger percentage than the January 2012. New home sales moved from eight a year earlier to four after the figure moved from 14 in January 2011 to 13 in January 2012.
A total of 182 new homes were sold during the 12 months that ended in February, down from 186 for the year that ended in January.
New home sales were four out of the 369 total sales, a move on a percentage basis from eight of 535 a year earlier. Following a year-over-year decline in January, sales of new and existing homes also sank year-over-year in February.
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Pricing and Mortgage Trends
The average new home price was $128,339 in February 2012, down from $222,094 a year earlier. This came after a 29.3% surge in January year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $210,970 to $155,183. Average mortgage size on new homes went from $146,150 in January 2011 to $172,414 in January 2012.
Lansing, MI - Freshest Figures for New Home Sales Suggest Market Decrease is Mounting
Posted on: May 07, 2012 09:23:00 AM
Sales of new homes dropped year-over-year in February in the Lansing, MI market, and the decline was by a larger percentage than the January 2012. New home sales moved from eight a year earlier to four after the figure moved from 14 in January 2011 to 13 in January 2012.
A total of 182 new homes were sold during the 12 months that ended in February, down from 186 for the year that ended in January.
New home sales were four out of the 369 total sales, a move on a percentage basis from eight of 535 a year earlier. Following a year-over-year decline in January, sales of new and existing homes also sank year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $128,339 in February 2012, down from $222,094 a year earlier. This came after a 29.3% surge in January year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $210,970 to $155,183. Average mortgage size on new homes went from $146,150 in January 2011 to $172,414 in January 2012.
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 four new home sales after accounting for no part of sales a year earlier. Meanwhile, single-family homes made up two of four new home sales after making up all of sales a year earlier.
The average unit size of newly sold homes fell from 5,116 square feet a year earlier to 1,065 square feet.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Together, foreclosures plus REO sales represented 76.2% of existing home sales. They accounted for 77.6% in February 2011. The percentage of existing home sales involving foreclosures rose to 46.6% in February from 43.3% a year earlier while REO sales as a percentage of existing home sales slipped to 29.6% from 34.3% a year earlier.
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Source: Housing Intelligence