Trenton, NJ - Freshest New Home Sales Figures Drop
Posted on: Feb 06, 2012 09:44:35 AM
Sales of new homes declined year-over-year in October in the Trenton, NJ market, signifying a decline after little movement in September from the year earlier. New home sales sank by 11.8% from last year to 15. Sales were unchanged in September from the year earlier.
A total of 189 new homes were sold during the 12 months that ended in October, down from 191 for the year that ended in September.
New home sales represented 8.2% of overall housing sales. They made up 7.9% of sales a year earlier. Sales of new and existing homes sank year-over-year in October after remaning steady in September year-over-year.
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Pricing and Mortgage Trends
Average price of newly sold homes saw a 55.7% drop year-over-year in October to $226,219 per unit. The decline is a downward shift from a 12.8% gain in September year-over-year.
For newly sold homes, the average mortgage size saw a fall year-over-year in contrast to new home prices. In October 2011, there was a 62.0% decline in the average mortgage size on new homes to $90,859. Average mortgage size jumped 25.7% in September 2011 from a year earlier. Of the overall sale price, the percentage that was being financed declined 6.7 percentage points year-over-year to 40.2% in October 2011. In September 2011, there was a 5.7 percentage point rise from a year earlier.
Trenton, NJ - Freshest New Home Sales Figures Drop
Posted on: Feb 06, 2012 09:44:35 AM
Sales of new homes declined year-over-year in October in the Trenton, NJ market, signifying a decline after little movement in September from the year earlier. New home sales sank by 11.8% from last year to 15. Sales were unchanged in September from the year earlier.
A total of 189 new homes were sold during the 12 months that ended in October, down from 191 for the year that ended in September.
New home sales represented 8.2% of overall housing sales. They made up 7.9% of sales a year earlier. Sales of new and existing homes sank year-over-year in October after remaning steady in September year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 55.7% drop year-over-year in October to $226,219 per unit. The decline is a downward shift from a 12.8% gain in September year-over-year.
For newly sold homes, the average mortgage size saw a fall year-over-year in contrast to new home prices. In October 2011, there was a 62.0% decline in the average mortgage size on new homes to $90,859. Average mortgage size jumped 25.7% in September 2011 from a year earlier. Of the overall sale price, the percentage that was being financed declined 6.7 percentage points year-over-year to 40.2% in October 2011. In September 2011, there was a 5.7 percentage point rise from a year earlier.
Other Market Trends
As a percentage of new home sales, attached unit sales have risen from last year while single-family home sales have dropped. Attached unit sales gained from 52.9% of all sales in October 2010 to 66.7% of sales in October 2011. At the same time, the share belonging to single-family homes dropped to 33.3% of sales from 47.1% of sales.
Foreclosures and real estate owned (REO) sales did not look to be a burden on the market. Combined, foreclosures plus REO sales accounted for 12.4% of existing home sales. In October 2010, they made up 19.8%. The percentage of existing home sales involving foreclosures fell to 4.7% in October from 8.1% a year earlier while REO sales as a percentage of existing home sales dipped to 7.7% from 11.7% a year earlier.
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Source: Housing Intelligence