Cheyenne, WY - Recent New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 06, 2012 09:19:44 AM
In February, the Cheyenne, WY market saw a decline year-over-year in new home sales, falling after a rise in January 2012. New home sales moved from 16 a year earlier to 10 after the figure moved from 17 in January 2011 to 20 in January 2012.
A total of 249 new homes were sold during the 12 months that ended in February, down from 255 for the year that ended in January.
Last year, 16 of 147 total sales were new homes, and this percentage saw a decline as new home sales this year made up 10 of the 149 total sales. After dropping in January from a year earlier, sales of new and existing homes rose year-over-year in February.
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Pricing and Mortgage Trends
The average new home price was $256,072 in February 2012, up from $251,013 a year earlier. This followed a 6.9% decline in January from a year earlier.
Average mortgage size on new homes rose from $220,063 to $234,227. Average mortgage size went from $252,248 in January 2011 to $250,645 in January 2012. For new home sales, the percentage of the sale price that was being financed increased 3.8 percentage points year-over-year to 91.5% in February 2012. This was another rise after January 2012 when there was a 5.9 percentage point rise from a year earlier.
Cheyenne, WY - Recent New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 06, 2012 09:19:44 AM
In February, the Cheyenne, WY market saw a decline year-over-year in new home sales, falling after a rise in January 2012. New home sales moved from 16 a year earlier to 10 after the figure moved from 17 in January 2011 to 20 in January 2012.
A total of 249 new homes were sold during the 12 months that ended in February, down from 255 for the year that ended in January.
Last year, 16 of 147 total sales were new homes, and this percentage saw a decline as new home sales this year made up 10 of the 149 total sales. After dropping in January from a year earlier, sales of new and existing homes rose year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $256,072 in February 2012, up from $251,013 a year earlier. This followed a 6.9% decline in January from a year earlier.
Average mortgage size on new homes rose from $220,063 to $234,227. Average mortgage size went from $252,248 in January 2011 to $250,645 in January 2012. For new home sales, the percentage of the sale price that was being financed increased 3.8 percentage points year-over-year to 91.5% in February 2012. This was another rise after January 2012 when there was a 5.9 percentage point rise from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for 13 of 16 last year. Meanwhile, attached units made up no part of new home sales after making up three of 16 sales a year earlier.
The average unit size of newly sold homes fell from 1,432 square feet a year earlier to 900 square feet.
Foreclosures and real estate owned (REO) sales continued to decline from a year earlier in February, but did not appear to be dragging the market. Combined, foreclosures plus REO sales accounted for 21.6% of existing home sales, below 36.6% a year earlier. The percentage of existing home sales involving foreclosures fell to 10.8% in February from 21.4% a year earlier while REO sales as a percentage of existing home sales slipped to 10.8% from 15.3% a year earlier.
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Source: Housing Intelligence