Oshkosh, WI - Freshest New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 07, 2012 09:33:49 AM
In February, the Oshkosh, WI market saw a fall year-over-year in new home sales, sliding after a growth in January 2012. New home sales moved from six a year earlier to three after the figure moved from six in January 2011 to seven in January 2012.
A total of 122 new homes were sold during the 12 months that ended in February, down from 125 for the year that ended in January.
New home sales were three of the 116 total sales, down on a percentage basis from six of 138 a year earlier. Following a year-over-year increase in January, sales of new and existing homes dropped year-over-year in February.
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Pricing and Mortgage Trends
The average new home price was $240,400, up from $189,400 a year earlier. This came after a 3.9% rise in January year-over-year.
The average mortgage size went down to $170,667 from $183,333 a year earlier. Average mortgage size on new homes went from $150,066 in January 2011 to $176,860 in January 2012. Of the overall sale price, the percentage that was being financed fell 25.8 percentage points year-over-year to 71.0% in February 2012. This was a swing downward after a 10.8 percentage point lift in January from a year earlier.
Oshkosh, WI - Freshest New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 07, 2012 09:33:49 AM
In February, the Oshkosh, WI market saw a fall year-over-year in new home sales, sliding after a growth in January 2012. New home sales moved from six a year earlier to three after the figure moved from six in January 2011 to seven in January 2012.
A total of 122 new homes were sold during the 12 months that ended in February, down from 125 for the year that ended in January.
New home sales were three of the 116 total sales, down on a percentage basis from six of 138 a year earlier. Following a year-over-year increase in January, sales of new and existing homes dropped year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $240,400, up from $189,400 a year earlier. This came after a 3.9% rise in January year-over-year.
The average mortgage size went down to $170,667 from $183,333 a year earlier. Average mortgage size on new homes went from $150,066 in January 2011 to $176,860 in January 2012. Of the overall sale price, the percentage that was being financed fell 25.8 percentage points year-over-year to 71.0% in February 2012. This was a swing downward after a 10.8 percentage point lift in January from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for four of six last year. Meanwhile, attached units made up no part of new home sales after making up two of six sales a year earlier.
Foreclosures and real estate owned (REO) sales stayed steady in February from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO sales represented 50.4% of existing home sales, about the same as a year earlier. The percentage of existing home sales involving foreclosures rose to 22.1% in February from 19.7% a year earlier while REO sales as a percentage of existing home sales fell to 28.3% from 31.1% a year earlier.
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Source: Housing Intelligence