York, PA - Freshest Figures for New Home Sales Suggest Market Decrease is Mounting
Posted on: May 07, 2012 09:58:15 AM
In the York, PA market in January, sales of new homes declined year-over-year, and the decline was by a larger percentage than the December 2011. New home sales moved from 19 a year earlier to 13 after the figure moved from 56 in December 2010 to 40 in December 2011.
A total of 373 new homes were sold during the 12 months that ended in January, down from 379 for the year that ended in December.
New home sales were 13 of the 306 total sales, down on a percentage basis from 19 of 303 a year earlier. Sales of new and existing homes rose year-over-year in January following a drop in December year-over-year.
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Pricing and Mortgage Trends
The average new home price was $191,701 in January 2012, down from $270,802 a year earlier. This followed a 10.3% boost in December year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $243,190 to $164,075. In December 2011, average mortgage size on newly sold homes saw a 12.1% gain year-over-year from a year earlier. Of the overall sale price, the percentage that was being financed declined 4.2 percentage points year-over-year to 85.6% in January 2012. This came after a 1.5 percentage point rise in December from a year earlier.
York, PA - Freshest Figures for New Home Sales Suggest Market Decrease is Mounting
Posted on: May 07, 2012 09:58:15 AM
In the York, PA market in January, sales of new homes declined year-over-year, and the decline was by a larger percentage than the December 2011. New home sales moved from 19 a year earlier to 13 after the figure moved from 56 in December 2010 to 40 in December 2011.
A total of 373 new homes were sold during the 12 months that ended in January, down from 379 for the year that ended in December.
New home sales were 13 of the 306 total sales, down on a percentage basis from 19 of 303 a year earlier. Sales of new and existing homes rose year-over-year in January following a drop in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $191,701 in January 2012, down from $270,802 a year earlier. This followed a 10.3% boost in December year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $243,190 to $164,075. In December 2011, average mortgage size on newly sold homes saw a 12.1% gain year-over-year from a year earlier. Of the overall sale price, the percentage that was being financed declined 4.2 percentage points year-over-year to 85.6% in January 2012. This came after a 1.5 percentage point rise in December 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 13 new home sales after accounting for three of 19 a year earlier. Meanwhile, single-family homes made up 10 of 13 new home sales after making up 16 of 19 a year earlier.
The average unit size of newly sold homes fell from 2,513 square feet a year earlier to 1,833 square feet.
Foreclosures and real estate owned (REO) sales continued to drop from a year earlier in January, but did not look to be a burden on the market. Combined, foreclosures plus REO sales made up 16.0% of existing home sales, below 31.0% a year earlier. The percentage of existing home sales involving foreclosures fell to 3.4% in January from 9.9% a year earlier while REO sales as a percentage of existing home sales slipped to 12.6% from 21.1% a year earlier.
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Source: Housing Intelligence