Newest Figures Show New Home Sales and Prices Increase in Milwaukee
Posted on: May 06, 2013 07:24:00 AM
In the Milwaukee, WI market in January, closings of new homes rose year-over-year, recovering from a fall in December 2012. New home closings saw a 23.1% hike from a year earlier to 32 after closings sank 22.4% in December from the year earlier.
A total of 582 new homes were sold during the 12 months that ended in January, up from 576 for the year that ended in December.
Out of all housing closings, new home closings made up 2.7%. A year ago, 2.2% of total closings were new home closings. For new and existing homes, closings rose year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $277,227 per unit in January, up 12.0%from a year earlier. This surge is smaller than the 23.1% boost in December year-over-year.
The average mortgage size on newly sold homes sank year-over-year in contrast to the average price of new homes. In January 2013, the average mortgage size on newly sold homes saw a 13.0% drop from a year earlier. In December 2012, average mortgage size on newly sold homes saw a 15.2% lift year-over-year from a year earlier. For new home closings, the percentage of the sale price that was being financed declined 21.3 percentage points year-over-year to 73.8% in January 2013.
Newest Figures Show New Home Sales and Prices Increase in Milwaukee
Posted on: May 06, 2013 07:24:00 AM
In the Milwaukee, WI market in January, closings of new homes rose year-over-year, recovering from a fall in December 2012. New home closings saw a 23.1% hike from a year earlier to 32 after closings sank 22.4% in December from the year earlier.
A total of 582 new homes were sold during the 12 months that ended in January, up from 576 for the year that ended in December.
Out of all housing closings, new home closings made up 2.7%. A year ago, 2.2% of total closings were new home closings. For new and existing homes, closings rose year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $277,227 per unit in January, up 12.0%from a year earlier. This surge is smaller than the 23.1% boost in December year-over-year.
The average mortgage size on newly sold homes sank year-over-year in contrast to the average price of new homes. In January 2013, the average mortgage size on newly sold homes saw a 13.0% drop from a year earlier. In December 2012, average mortgage size on newly sold homes saw a 15.2% lift year-over-year from a year earlier. For new home closings, the percentage of the sale price that was being financed declined 21.3 percentage points year-over-year to 73.8% in January 2013.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes jumped from 84.6% in January 2012 to 87.5% of closings in January 2013. Meanwhile, attached units as a percentage of all new home closings dropped to 12.5% of closings from 15.4% of closings.
For all new homes sold, the average unit size increased 28.5% year-over-year to 1,368 square feet in January 2013. The average size of newly sold homes moved from 1,572 square feet in December 2011 to 1,420 square feet in December 2012.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 58.0% of closings. They made up 51.1% in January 2012. The percentage of existing home closings involving foreclosures rose to 29.7% in January from 26.8% a year earlier while REO closings as a percentage of existing home closings increased to 28.3% from 24.3%.
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Source: Housing Intelligence