Saginaw, MI - Latest Figures for New Home Sales Fall Year-Over-Year in February After Climbing Year-Over-Year in January
Posted on: May 07, 2012 09:41:28 AM
In February, the Saginaw, MI market saw a fall year-over-year in new home sales, falling after a rise in January 2012. New home sales moved from three a year earlier to two after the figure moved from one in January 2011 to two in January 2012.
A total of 46 new homes were sold during the 12 months that ended in February, down from 47 for the year that ended in January.
New home sales were two out of the 243 total sales, a move on a percentage basis from three of 241 a year earlier. Following a decline in January year-over-year, sales of new and existing homes increased year-over-year in February.
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Pricing and Mortgage Trends
The average per-unit price of new homes was $95,000 in February 2012, moving south from $112,333 a year earlier. This came after a 58.8% bump in January year-over-year.
There was a decline in average mortgage size on new homes, going from $220,875 last year to $52,000 in February 2012.
Saginaw, MI - Latest Figures for New Home Sales Fall Year-Over-Year in February After Climbing Year-Over-Year in January
Posted on: May 07, 2012 09:41:28 AM
In February, the Saginaw, MI market saw a fall year-over-year in new home sales, falling after a rise in January 2012. New home sales moved from three a year earlier to two after the figure moved from one in January 2011 to two in January 2012.
A total of 46 new homes were sold during the 12 months that ended in February, down from 47 for the year that ended in January.
New home sales were two out of the 243 total sales, a move on a percentage basis from three of 241 a year earlier. Following a decline in January year-over-year, sales of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $95,000 in February 2012, moving south from $112,333 a year earlier. This came after a 58.8% bump in January year-over-year.
There was a decline in average mortgage size on new homes, going from $220,875 last year to $52,000 in February 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 one of two new home sales after accounting for no part of sales a year earlier. Meanwhile, single-family homes made up one of two new home sales after making up all of sales a year earlier.
Foreclosures and real estate owned (REO) sales stayed steady in February from a year earlier, but remained a drag on the market. Out of all existing home sales, foreclosures combined with REO sales made up 71.0% of sales, relatively unmoved from a year earlier. The percentage of existing home sales involving foreclosures went from 36.6% in February 2011 to 37.3% in February 2012 and REO sales as a percentage of existing home sales fell to 33.6% from 34.9% a year earlier.
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Source: Housing Intelligence