Reading, PA - Recent Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 07, 2012 09:39:06 AM
In the Reading, PA market, sales of new homes sank year-over-year in January, and the decline was by a larger percentage than the December 2011. New home sales moved from 13 a year earlier to three after the figure moved from 19 in December 2010 to nine in December 2011.
A total of 133 new homes were sold during the 12 months that ended in January, down from 143 for the year that ended in December.
New home sales accounted for three of the 221 total sales, a smaller percentage compared with 13 of 270 sales a year earlier. After rising year-over-year in December, sales of new and existing homes fell year-over-year in January.
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The average value of new homes sold in January 2012 declined to $166,852 from the year-earlier figure of $265,830. This was on the heels of a 3.5% rise in December year-over-year.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in January 2012. Single-family homes continued to account for all of new home sales.
Reading, PA - Recent Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 07, 2012 09:39:06 AM
In the Reading, PA market, sales of new homes sank year-over-year in January, and the decline was by a larger percentage than the December 2011. New home sales moved from 13 a year earlier to three after the figure moved from 19 in December 2010 to nine in December 2011.
A total of 133 new homes were sold during the 12 months that ended in January, down from 143 for the year that ended in December.
New home sales accounted for three of the 221 total sales, a smaller percentage compared with 13 of 270 sales a year earlier. After rising year-over-year in December, sales of new and existing homes fell year-over-year in January.
The average value of new homes sold in January 2012 declined to $166,852 from the year-earlier figure of $265,830. This was on the heels of a 3.5% rise in December year-over-year.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in January 2012. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales decreased in January from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO sales made up 25.7% of existing home sales, below 40.9% a year earlier. The percentage of existing home sales involving foreclosures fell to 9.6% in January from 18.7% a year earlier while REO sales as a percentage of existing home sales slipped to 16.1% from 22.2% a year earlier.
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Source: Housing Intelligence