Vineland, NJ - Freshest Figures for New Home Sales Suggest Market Drop is Subsiding
Posted on: May 07, 2012 09:54:23 AM
In February, there was a drop year-over-year in new home sales in the Vineland, NJ market, but the decline was less than the year-over-year decline in January. New home sales moved from seven a year earlier to four after the figure moved from four in January 2011 to two in January 2012.
A total of 93 new homes were sold during the 12 months that ended in February, down from 96 for the year that ended in January.
Out of 60 total sales, four were of new homes, which makes up a smaller percentage than the seven out of 63 total sales last year. Sales of new and existing homes slipped year-over-year in February after also falling in January year-over-year.
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Pricing and Mortgage Trends
The average value of new homes sold in February 2012 declined to $159,844 from the year-earlier figure of $177,276. This came after a 19.5% bump in January year-over-year.
There was a decline in average mortgage size on new homes, going from $164,489 last year to $149,746 in February 2012. Average mortgage size on new homes went from $134,286 in January 2011 to $181,720 in January 2012. For newly sold homes, the percentage of sale price being financed moved from 92.8% of average price to 93.7% from a year earlier. In January 2012, there was an 11.6 percentage point hike from the year earlier.
Vineland, NJ - Freshest Figures for New Home Sales Suggest Market Drop is Subsiding
Posted on: May 07, 2012 09:54:23 AM
In February, there was a drop year-over-year in new home sales in the Vineland, NJ market, but the decline was less than the year-over-year decline in January. New home sales moved from seven a year earlier to four after the figure moved from four in January 2011 to two in January 2012.
A total of 93 new homes were sold during the 12 months that ended in February, down from 96 for the year that ended in January.
Out of 60 total sales, four were of new homes, which makes up a smaller percentage than the seven out of 63 total sales last year. Sales of new and existing homes slipped year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average value of new homes sold in February 2012 declined to $159,844 from the year-earlier figure of $177,276. This came after a 19.5% bump in January year-over-year.
There was a decline in average mortgage size on new homes, going from $164,489 last year to $149,746 in February 2012. Average mortgage size on new homes went from $134,286 in January 2011 to $181,720 in January 2012. For newly sold homes, the percentage of sale price being financed moved from 92.8% of average price to 93.7% from a year earlier. In January 2012, there was an 11.6 percentage point hike from the 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 two of four new home sales after accounting for no part of sales a year earlier. Meanwhile, single-family homes made up two of four new home sales after making up all of sales a year earlier.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales made up 32.1% of existing home sales. They accounted for 28.6% in February 2011. The percentage of existing home sales involving foreclosures rose to 25.0% in February from 1.8% a year earlier while REO sales as a percentage of existing home sales sank to 7.1% from 26.8% a year earlier.
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Source: Housing Intelligence