Albuquerque, NM - Recent Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 06, 2012 09:10:32 AM
Sales of new homes dropped year-over-year in January in the Albuquerque, NM market, and with a percentage drop more severe than December 2011, there were suggestions the market may be worsening. There was a 14.8% decline in new home sales from a year earlier. This came on the heels of a 10.1% decline year-over-year in December.
A total of 1,191 new homes were sold during the 12 months that ended in January, down from 1,203 for the year that ended in December.
New home sales accounted for 8.3% of overall housing sales. They made up 7.7% of sales a year earlier. Sales of new and existing homes declined year-over-year in January after also falling in December year-over-year.
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Pricing and Mortgage Trends
Average price of newly sold homes had a 4.3% decline year-over-year to $199,913 per unit in January. This decline is a reversal from a 1.7% rise in December year-over-year.
For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. In January 2012, average mortgage size on new homes sold was $182,295, down 2.3% from a year earlier. In December 2011, average mortgage size increased 2.1% from a year earlier. On average, the percentage of new home sale price being financed saw a 1.9 percentage point rise from a year earlier. It went from 91.2% in December 2010 to 91.6% in December 2011.
Albuquerque, NM - Recent Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 06, 2012 09:10:32 AM
Sales of new homes dropped year-over-year in January in the Albuquerque, NM market, and with a percentage drop more severe than December 2011, there were suggestions the market may be worsening. There was a 14.8% decline in new home sales from a year earlier. This came on the heels of a 10.1% decline year-over-year in December.
A total of 1,191 new homes were sold during the 12 months that ended in January, down from 1,203 for the year that ended in December.
New home sales accounted for 8.3% of overall housing sales. They made up 7.7% of sales a year earlier. Sales of new and existing homes declined year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 4.3% decline year-over-year to $199,913 per unit in January. This decline is a reversal from a 1.7% rise in December year-over-year.
For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. In January 2012, average mortgage size on new homes sold was $182,295, down 2.3% from a year earlier. In December 2011, average mortgage size increased 2.1% from a year earlier. On average, the percentage of new home sale price being financed saw a 1.9 percentage point rise from a year earlier. It went from 91.2% in December 2010 to 91.6% in December 2011.
Other Market Trends
As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. Single-family home sales jumped from 93.8% of new sales in January 2011 to all of sales in January 2012. At the same time, the share of new home sales belonging to attached units fell to no part of sales from 6.2% of sales.
Foreclosures and real estate owned (REO) sales decreased in January from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO sales accounted for 25.4% of existing home sales, below 38.3% a year earlier. The percentage of existing home sales involving foreclosures sank to 10.2% in January from 20.4% a year earlier while REO sales as a percentage of existing home sales fell to 15.2% from 17.9% a year earlier.
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Source: Housing Intelligence