Trenton, NJ - Recent Figures for New Home Sales Suggest Market Decrease is Mounting
Posted on: May 07, 2012 09:52:23 AM
In the Trenton, NJ market in January, sales of new homes sank year-over-year, and the decline was by a larger percentage than the December 2011. New home sales moved from 11 a year earlier to five after the figure moved from 25 in December 2010 to 21 in December 2011.
A total of 171 new homes were sold during the 12 months that ended in January, down from 177 for the year that ended in December.
New home sales accounted for five of the 159 total sales, a smaller percentage compared with 11 of 188 sales a year earlier. For new and existing homes, sales dropped in January after also declining in December year-over-year.
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Pricing and Mortgage Trends
The average per-unit price of new homes was $284,651, compared with $334,637 last year. This was on the heels of a 14.6% decline in December from a year earlier.
There was a decline in average mortgage size on new homes, going from $218,028 last year to $210,939 in January 2012. In December 2011, average mortgage size on newly sold homes saw a 2.2% rise year-over-year from a year earlier. For new home sales, the percentage of the sale price that was being financed increased 9.0 percentage points year-over-year to 74.1% in January 2012. This was another surge after December 2011 when there was a 10.9 percentage point bump from a year earlier.
Trenton, NJ - Recent Figures for New Home Sales Suggest Market Decrease is Mounting
Posted on: May 07, 2012 09:52:23 AM
In the Trenton, NJ market in January, sales of new homes sank year-over-year, and the decline was by a larger percentage than the December 2011. New home sales moved from 11 a year earlier to five after the figure moved from 25 in December 2010 to 21 in December 2011.
A total of 171 new homes were sold during the 12 months that ended in January, down from 177 for the year that ended in December.
New home sales accounted for five of the 159 total sales, a smaller percentage compared with 11 of 188 sales a year earlier. For new and existing homes, sales dropped in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $284,651, compared with $334,637 last year. This was on the heels of a 14.6% decline in December from a year earlier.
There was a decline in average mortgage size on new homes, going from $218,028 last year to $210,939 in January 2012. In December 2011, average mortgage size on newly sold homes saw a 2.2% rise year-over-year from a year earlier. For new home sales, the percentage of the sale price that was being financed increased 9.0 percentage points year-over-year to 74.1% in January 2012. This was another surge after December 2011 when there was a 10.9 percentage point bump from a year earlier.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up three of five new home sales after accounting for five of 11 a year earlier. Meanwhile, single-family homes made up two of five new home sales after making up six of 11 a year earlier.
Foreclosures and real estate owned (REO) sales did not look to be a burden on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 19.5% of sales. In January 2011, they represented 22.6%. The percentage of existing home sales involving foreclosures rose to 11.0% in January from 4.0% a year earlier while REO sales as a percentage of existing home sales slid to 8.4% from 18.6% a year earlier.
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Source: Housing Intelligence