Rochester, NY - Freshest New home Sales Remain Steady
Posted on: May 07, 2012 09:40:25 AM
Sales of new homes in the Rochester, NY market saw no change year-over-year in January, stabilizing after a decline in December from the year earlier. Sales remained steady from a year earlier at 37, compared with a 44.1% decline in December year-over-year.
A total of 533 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
New home sales accounted for 7.0% of overall housing sales. They made up 6.4% of sales a year earlier. For new and existing homes, sales fell in January after also declining in December year-over-year.
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Pricing and Mortgage Trends
In January, there was a 4.5% rise in the average price of newly sold homes year-over-year, reaching $239,942 per unit. This is a swing north from the 10.7% drop in December from a year earlier.
There was no movement year-over-year in the average mortgage size on new homes sold in January, as it stayed level at $175,607. In December 2011, average mortgage size slid 15.0% from a year earlier. Of the overall sale price, the percentage that was being financed dipped 3.3 percentage points year-over-year to 73.2% in January 2012.
Rochester, NY - Freshest New home Sales Remain Steady
Posted on: May 07, 2012 09:40:25 AM
Sales of new homes in the Rochester, NY market saw no change year-over-year in January, stabilizing after a decline in December from the year earlier. Sales remained steady from a year earlier at 37, compared with a 44.1% decline in December year-over-year.
A total of 533 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
New home sales accounted for 7.0% of overall housing sales. They made up 6.4% of sales a year earlier. For new and existing homes, sales fell in January after also declining in December year-over-year.
Pricing and Mortgage Trends
In January, there was a 4.5% rise in the average price of newly sold homes year-over-year, reaching $239,942 per unit. This is a swing north from the 10.7% drop in December from a year earlier.
There was no movement year-over-year in the average mortgage size on new homes sold in January, as it stayed level at $175,607. In December 2011, average mortgage size slid 15.0% from a year earlier. Of the overall sale price, the percentage that was being financed dipped 3.3 percentage points year-over-year to 73.2% in January 2012.
Other Market Trends
Sales of attached units, as a percentage of new home sales, have grown from last year while sales of single-family homes have fallen. Attached unit sales increased from 2.7% of all sales in January 2011 to 8.1% of sales in January 2012. At the same time, the share belonging to single-family homes declined to 91.9% of sales from 97.3% of sales.
For all new homes sold, the average unit size gained 18.5% year-over-year to 1,885 square feet in January 2012. The lift was sharper than the boost in average price of newly sold homes, making the movement simliar to December 2011 when the average size grew 32.2% to 1,439 square feet from a year earlier.
Foreclosures and real estate owned (REO) sales did not look to be a burden on the market. Combined, foreclosures plus REO sales accounted for 9.1% of existing home sales. They made up 10.8% in January 2011. The percentage of existing home sales involving foreclosures rose to 4.7% in January from 3.1% a year earlier while REO sales as a percentage of existing home sales declined to 4.5% from 7.7% a year earlier.
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Source: Housing Intelligence