Milwaukee, WI - Newest New Home Sales Numbers Give Hints Market Fall is Deepening
Posted on: May 07, 2012 09:28:41 AM
In the Milwaukee, WI market in January, sales of new homes fell year-over-year, and the percentage decline worsened from December 2011, indicating the market may be weakening. New home sales saw a fall of 40.0% from the year earlier to 27. This came after a 7.9% decline year-over-year in December.
A total of 662 new homes were sold during the 12 months that ended in January, down from 680 for the year that ended in December.
A year earlier, new home sales accounted for 4.1% of overall housing sales and the percentage declined to 2.5% of sales in January 2012. After rising year-over-year in December, sales of new and existing homes dipped year-over-year in January.
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Pricing and Mortgage Trends
In January, the average per-unit price of new homes declined by 12.7% year-over-year to $207,581. This fall is larger than the 8.2% decline in December from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In January 2012, there was a 12.4% drop in the average mortgage size on new homes to $194,436. In December 2011, average mortgage size slid 17.9% from a year earlier. On aveage, the percentage of new home sale price that was being financed went from 93.4% of average price to 93.7% from a year earlier. In December 2011, there was a 9.7 percentage point decline from the year earlier.
Milwaukee, WI - Newest New Home Sales Numbers Give Hints Market Fall is Deepening
Posted on: May 07, 2012 09:28:41 AM
In the Milwaukee, WI market in January, sales of new homes fell year-over-year, and the percentage decline worsened from December 2011, indicating the market may be weakening. New home sales saw a fall of 40.0% from the year earlier to 27. This came after a 7.9% decline year-over-year in December.
A total of 662 new homes were sold during the 12 months that ended in January, down from 680 for the year that ended in December.
A year earlier, new home sales accounted for 4.1% of overall housing sales and the percentage declined to 2.5% of sales in January 2012. After rising year-over-year in December, sales of new and existing homes dipped year-over-year in January.
Pricing and Mortgage Trends
In January, the average per-unit price of new homes declined by 12.7% year-over-year to $207,581. This fall is larger than the 8.2% decline in December from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In January 2012, there was a 12.4% drop in the average mortgage size on new homes to $194,436. In December 2011, average mortgage size slid 17.9% from a year earlier. On aveage, the percentage of new home sale price that was being financed went from 93.4% of average price to 93.7% from a year earlier. In December 2011, there was a 9.7 percentage point decline from the year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes jumped from 71.1% in January 2011 to 77.8% of sales in January 2012. Meanwhile, attached units as a percentage of all new home sales fell to 22.2% of sales from 28.9% of sales.
For all new homes sold, the average unit size declined 38.1% year-over-year to 1,146 square feet in January 2012.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Combined, foreclosures plus REO sales represented 51.2% of existing home sales. In January 2011, they accounted for 54.6%. The percentage of existing home sales involving foreclosures declined to 25.8% in January from 28.6% a year earlier and REO sales moved from 26.0% of existing home sales in January 2011 to 25.4% in January 2012.
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Source: Housing Intelligence