Kingston, NY - Latest New Home Sales Increase Year-Over-Year in January After Falling Year-Over-Year in December
Posted on: May 07, 2012 09:21:09 AM
In January, there was an increase in sales of new homes in the Kingston, NY market year-over-year, rebounding from a year-over-year decline in December 2011. New home sales moved from two a year earlier to four after the figure moved from five in December 2010 to two in December 2011.
A total of 25 new homes were sold during the 12 months that ended in January, up from 23 for the year that ended in December.
New home sales were four out of 83 total sales, making up 4.8%. This is up on a percentage basis from two of 76 a year earlier. After dropping in December from a year earlier, sales of new and existing homes increased year-over-year in January.
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Pricing and Mortgage Trends
The average per-unit price of new homes was $247,725 in January 2012, moving south from $259,500 a year earlier. This was on the heels of a 13.5% hike in December year-over-year.
Average mortgage size on new homes fell from $265,050 to $200,483. Average mortgage size on new homes went from $232,889 in December 2010 to $225,000 in December 2011.
Kingston, NY - Latest New Home Sales Increase Year-Over-Year in January After Falling Year-Over-Year in December
Posted on: May 07, 2012 09:21:09 AM
In January, there was an increase in sales of new homes in the Kingston, NY market year-over-year, rebounding from a year-over-year decline in December 2011. New home sales moved from two a year earlier to four after the figure moved from five in December 2010 to two in December 2011.
A total of 25 new homes were sold during the 12 months that ended in January, up from 23 for the year that ended in December.
New home sales were four out of 83 total sales, making up 4.8%. This is up on a percentage basis from two of 76 a year earlier. After dropping in December from a year earlier, sales of new and existing homes increased year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $247,725 in January 2012, moving south from $259,500 a year earlier. This was on the heels of a 13.5% hike in December year-over-year.
Average mortgage size on new homes fell from $265,050 to $200,483. Average mortgage size on new homes went from $232,889 in December 2010 to $225,000 in December 2011.
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 one of two last year. Meanwhile, attached units made up no part of new home sales after making up one of two sales a year earlier.
The average unit size of newly sold homes fell from 1,799 square feet a year earlier to 1,546 square feet.
Foreclosures and real estate owned (REO) sales did not appear to be dragging the market. Together, foreclosures plus REO sales accounted for 22.8% of existing home sales. In January 2011, they made up 25.7%. The percentage of existing home sales involving foreclosures rose to 12.7% in January from 6.8% a year earlier while REO sales as a percentage of existing home sales fell to 10.1% from 18.9% a year earlier.
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Source: Housing Intelligence