State College, PA - Recent Figures for New Home Sales Remain Level
Posted on: May 07, 2012 09:50:16 AM
Sales of new homes in the State College, PA market remained steady year-over-year in February, staying level after a year-over-year increase in January from a year earlier. Sales remained level at 10 from a year earlier after the figure moved from eight in January 2011 to 11 in January 2012.
A total of 148 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
Ten of the 67 total sales were new home sales, consistent with the year-earlier figures in terms of percentage. Sales of new and existing homes stayed level after declining in January year-over-year.
Advertisement
Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $178,824, down from last year's $212,160. This was on the heels of a 19.4% drop in January from a year earlier.
Average mortgage size on new homes increased to $204,672 from $143,457 last year. Average mortgage size on new homes went from $50,000 in January 2011 to $193,167 in January 2012.
State College, PA - Recent Figures for New Home Sales Remain Level
Posted on: May 07, 2012 09:50:16 AM
Sales of new homes in the State College, PA market remained steady year-over-year in February, staying level after a year-over-year increase in January from a year earlier. Sales remained level at 10 from a year earlier after the figure moved from eight in January 2011 to 11 in January 2012.
A total of 148 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
Ten of the 67 total sales were new home sales, consistent with the year-earlier figures in terms of percentage. Sales of new and existing homes stayed level after declining in January year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $178,824, down from last year's $212,160. This was on the heels of a 19.4% drop in January from a year earlier.
Average mortgage size on new homes increased to $204,672 from $143,457 last year. Average mortgage size on new homes went from $50,000 in January 2011 to $193,167 in January 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales continued to decline from a year earlier in February, but did not appear to be dragging the market. Together, foreclosures plus REO sales made up 12.3% of existing home sales, down from 24.6% a year earlier. The percentage of existing home sales involving foreclosures declined to 5.3% in February from 10.5% a year earlier while REO sales as a percentage of existing home sales fell to 7.0% from 14.0% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence