South Bend, IN - Freshest New home Sales Remain Steady
Posted on: May 07, 2012 09:47:49 AM
New home sales in the South Bend, IN market stayed the same year-over-year in February, staying relatively stable after having decreased year-over-year in January. Sales remained level at five from a year earlier after the figure moved from nine in January 2011 to four in January 2012.
A total of 101 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
Five of the 375 total sales were new home sales, a shift on a percentage basis from five out of 339 a year earlier. Following a decline in January year-over-year, sales of new and existing homes jumped year-over-year in February.
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Pricing and Mortgage Trends
The average per-unit price of new homes was $232,225, compared with $288,857 last year. This followed a 4.9% decline in January from a year earlier.
Average mortgage size on new homes fell from $236,883 to $193,335. Average mortgage size on new homes went from $164,886 in January 2011 to $140,009 in January 2012. Of the overall sale price, the percentage that was being financed increased 1.2 percentage points year-over-year to 83.3% in February 2012. In January 2012, there was a 10.4 percentage point drop in January from a year earlier.
South Bend, IN - Freshest New home Sales Remain Steady
Posted on: May 07, 2012 09:47:49 AM
New home sales in the South Bend, IN market stayed the same year-over-year in February, staying relatively stable after having decreased year-over-year in January. Sales remained level at five from a year earlier after the figure moved from nine in January 2011 to four in January 2012.
A total of 101 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
Five of the 375 total sales were new home sales, a shift on a percentage basis from five out of 339 a year earlier. Following a decline in January year-over-year, sales of new and existing homes jumped year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $232,225, compared with $288,857 last year. This followed a 4.9% decline in January from a year earlier.
Average mortgage size on new homes fell from $236,883 to $193,335. Average mortgage size on new homes went from $164,886 in January 2011 to $140,009 in January 2012. Of the overall sale price, the percentage that was being financed increased 1.2 percentage points year-over-year to 83.3% in February 2012. In January 2012, there was a 10.4 percentage point drop in January from a year earlier.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Together, foreclosures plus REO sales made up 53.8% of existing home sales. They represented 51.2% in February 2011. The percentage of existing home sales involving foreclosures rose to 27.6% in February from 21.3% a year earlier while REO sales as a percentage of existing home sales slipped to 26.2% from 29.9% a year earlier.
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Source: Housing Intelligence