Billings, MT - Latest New Home Sales Numbers Give Hints Market Gain Building
Posted on: May 06, 2012 09:15:00 AM
In February, sales of new homes in the Billings, MT market rose year-over-year, and the increase was greater than January 2012. New home sales moved from 12 a year earlier to 16 after the figure moved from 10 in January 2011 to 11 in January 2012.
A total of 261 new homes were sold during the 12 months that ended in February, up from 257 for the year that ended in January.
New home sales were 16 out of the 187 total sales, a move on a percentage basis from 12 of 137 a year earlier. For new and existing homes, sales increased year-over-year in February after also increasing in January year-over-year.
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Pricing and Mortgage Trends
The average new home value went from $236,546 last year to $277,027,. This was on the heels of a 5.4% rise in January year-over-year.
From the year-ago figure of $208,289, the average mortgage size on new homes moved up to $229,759. It went from $195,127 to $195,808 from January 2011 to January 2012. For new home sales, the percentage of the sale price that was being financed slipped 5.1 percentage points year-over-year to 82.9% in February 2012.
Billings, MT - Latest New Home Sales Numbers Give Hints Market Gain Building
Posted on: May 06, 2012 09:15:00 AM
In February, sales of new homes in the Billings, MT market rose year-over-year, and the increase was greater than January 2012. New home sales moved from 12 a year earlier to 16 after the figure moved from 10 in January 2011 to 11 in January 2012.
A total of 261 new homes were sold during the 12 months that ended in February, up from 257 for the year that ended in January.
New home sales were 16 out of the 187 total sales, a move on a percentage basis from 12 of 137 a year earlier. For new and existing homes, sales increased year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average new home value went from $236,546 last year to $277,027,. This was on the heels of a 5.4% rise in January year-over-year.
From the year-ago figure of $208,289, the average mortgage size on new homes moved up to $229,759. It went from $195,127 to $195,808 from January 2011 to January 2012. For new home sales, the percentage of the sale price that was being financed slipped 5.1 percentage points year-over-year to 82.9% in February 2012.
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 five of 16 new home sales after accounting for three of 12 a year earlier. Meanwhile, single-family homes made up 11 of 16 new home sales after making up nine of 12 a year earlier.
Foreclosures and real estate owned (REO) sales did not look to be a burden on the market. Together, foreclosures plus REO sales represented 18.1% of existing home sales. In February 2011, they accounted for 25.6%. The percentage of existing home sales involving foreclosures dropped to 3.5% in February from 15.2% a year earlier while REO sales as a percentage of existing home sales rose to 14.6% from 10.4%.
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Source: Housing Intelligence