Lancaster, PA - Newest New Home Sales Numbers Give Hints Market Drop is Deepening
Posted on: Feb 06, 2012 09:27:44 AM
In November, the Lancaster, PA market saw a decline year-over-year in new home sales, and the decline was by a larger percentage than the October 2011. New home sales moved from 60 a year earlier to 12 after the figure moved from 46 in October 2010 to 26 in October 2011.
A total of 368 new homes were sold during the 12 months that ended in November, down from 416 for the year that ended in October.
New home sales were 12 out of the 401 total sales, down on a percentage basis from 60 of 484 a year earlier. Sales of new and existing homes dropped year-over-year in November after also falling in October year-over-year.
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Pricing and Mortgage Trends
The average price of new homes was $244,821, an increase from $234,014 a year earlier. This was on the heels of a 20.7% hike in October year-over-year.
There was a decline in average mortgage size on new homes, going from $219,677 last year to $173,863 in November 2011. Average mortgage size rose 4.0% in October 2011 from a year earlier. For new home sales, the percentage of the sale price that was being financed fell 22.9 percentage points year-over-year to 71.0% in November 2011.
Lancaster, PA - Newest New Home Sales Numbers Give Hints Market Drop is Deepening
Posted on: Feb 06, 2012 09:27:44 AM
In November, the Lancaster, PA market saw a decline year-over-year in new home sales, and the decline was by a larger percentage than the October 2011. New home sales moved from 60 a year earlier to 12 after the figure moved from 46 in October 2010 to 26 in October 2011.
A total of 368 new homes were sold during the 12 months that ended in November, down from 416 for the year that ended in October.
New home sales were 12 out of the 401 total sales, down on a percentage basis from 60 of 484 a year earlier. Sales of new and existing homes dropped year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $244,821, an increase from $234,014 a year earlier. This was on the heels of a 20.7% hike in October year-over-year.
There was a decline in average mortgage size on new homes, going from $219,677 last year to $173,863 in November 2011. Average mortgage size rose 4.0% in October 2011 from a year earlier. For new home sales, the percentage of the sale price that was being financed fell 22.9 percentage points year-over-year to 71.0% in November 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 eight of 12 new home sales after accounting for 39 of 60 a year earlier. Meanwhile, attached units made up four of 12 new home sales after making up 21 of 60 sales a year earlier.
Foreclosures and real estate owned (REO) sales remaining level in November from a year earlier and did not look to be a burden on the market. Foreclosures and REO sales, taken together, accounted for 22.1% of existing sales, about the same as a year earlier. The percentage of existing home sales involving foreclosures slipped to 13.4% in November from 14.6% a year earlier and REO sales moved from 8.0% of existing home sales in November 2010 to 8.7% in November 2011.
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Source: Housing Intelligence