Albuquerque, NM - Newest Figures for New Home Sales Rise Year-Over-Year in October After Decline Year-Over-Year in September
Posted on: Feb 06, 2012 09:10:38 AM
The Albuquerque, NM market saw an increase in sales of new homes in October year-over-year, shifting up after a decline in September 2011. New home sales saw a 9.8% rise from a year earlier to 112 after sales slumped 26.5% in September from the year earlier.
A total of 1,239 new homes were sold during the 12 months that ended in October, up from 1,229 for the year that ended in September.
As a percentage of overall housing sales, new home sales made up 11.3%. This is better than the 10.3% of sales a year earlier. Sales of new and existing homes fell year-over-year in October after also falling in September year-over-year.
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Pricing and Mortgage Trends
In October, there was a 19.8% lift year-over-year in the average price of newly sold homes, reaching $220,377 per unit. This gain is better than the 1.0% rise in September year-over-year.
The average mortgage size on newly sold homes saw a bump year-over-year along with new home prices. It gained 22.7% in October from a year earlier to $201,100. In September 2011, average mortgage size increased 1.4% from a year earlier. On average, the percentage of new home sale price being financed saw a 2.1 percentage point rise from a year earlier. It moved from 87.7% in September 2010 to 88.1% in October 2010.
Albuquerque, NM - Newest Figures for New Home Sales Rise Year-Over-Year in October After Decline Year-Over-Year in September
Posted on: Feb 06, 2012 09:10:38 AM
The Albuquerque, NM market saw an increase in sales of new homes in October year-over-year, shifting up after a decline in September 2011. New home sales saw a 9.8% rise from a year earlier to 112 after sales slumped 26.5% in September from the year earlier.
A total of 1,239 new homes were sold during the 12 months that ended in October, up from 1,229 for the year that ended in September.
As a percentage of overall housing sales, new home sales made up 11.3%. This is better than the 10.3% of sales a year earlier. Sales of new and existing homes fell year-over-year in October after also falling in September year-over-year.
Pricing and Mortgage Trends
In October, there was a 19.8% lift year-over-year in the average price of newly sold homes, reaching $220,377 per unit. This gain is better than the 1.0% rise in September year-over-year.
The average mortgage size on newly sold homes saw a bump year-over-year along with new home prices. It gained 22.7% in October from a year earlier to $201,100. In September 2011, average mortgage size increased 1.4% from a year earlier. On average, the percentage of new home sale price being financed saw a 2.1 percentage point rise from a year earlier. It moved from 87.7% in September 2010 to 88.1% in October 2010.
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 increased from 97.1% of new sales in October 2010 to all of sales in October 2011. Meanwhile, attached units as a percentage of all new home sales slid to no part of sales from 2.9% of sales.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Out of all existing home sales, foreclosures combined with REO sales represented 26.8% of sales. They made up 35.5% in October 2010. The percentage of existing home sales involving foreclosures dipped to 11.7% in October from 16.8% a year earlier while REO sales as a percentage of existing home sales slipped to 15.1% from 18.7% a year earlier.
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Source: Housing Intelligence