Youngstown, OH - Latest New Home Sales Numbers Give Hints Market Decrease is Slowing
Posted on: May 07, 2012 09:58:31 AM
New home sales in the Youngstown, OH market dropped year-over-year in January, but the decline was less than the year-over-year decline in December. New home sales moved from five a year earlier to three after the figure moved from 12 in December 2010 to three in December 2011.
A total of 73 new homes were sold during the 12 months that ended in January, down from 75 for the year that ended in December.
Three of the 433 total sales were new home sales, a shift on a percentage basis from five out of 355 a year earlier. Sales of new and existing homes rose year-over-year in January following a decline in December year-over-year.
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Pricing and Mortgage Trends
The average new home price was $195,305 in January 2012, up from $134,256 a year earlier. This followed a 19.0% drop in December from a year earlier.
The average mortgage size went down to $22,400 from $95,833 a year earlier. Average mortgage size on new homes went from $127,194 in December 2010 to $78,875 in December 2011. The overall percentage of sale price that was being financed sank 59.9 percentage points year-over-year to 11.5% in January 2012.
Youngstown, OH - Latest New Home Sales Numbers Give Hints Market Decrease is Slowing
Posted on: May 07, 2012 09:58:31 AM
New home sales in the Youngstown, OH market dropped year-over-year in January, but the decline was less than the year-over-year decline in December. New home sales moved from five a year earlier to three after the figure moved from 12 in December 2010 to three in December 2011.
A total of 73 new homes were sold during the 12 months that ended in January, down from 75 for the year that ended in December.
Three of the 433 total sales were new home sales, a shift on a percentage basis from five out of 355 a year earlier. Sales of new and existing homes rose year-over-year in January following a decline in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $195,305 in January 2012, up from $134,256 a year earlier. This followed a 19.0% drop in December from a year earlier.
The average mortgage size went down to $22,400 from $95,833 a year earlier. Average mortgage size on new homes went from $127,194 in December 2010 to $78,875 in December 2011. The overall percentage of sale price that was being financed sank 59.9 percentage points year-over-year to 11.5% in January 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 three new home sales after accounting for no part of sales a year earlier. Meanwhile, single-family homes made up two of three new home sales after making up all of sales a year earlier.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Together, foreclosures plus REO sales accounted for 57.9% of existing home sales. They made up 54.9% in January 2011. The percentage of existing home sales involving foreclosures rose to 34.9% in January from 21.4% a year earlier while REO sales as a percentage of existing home sales fell to 23.0% from 33.4% a year earlier.
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Source: Housing Intelligence