Newest Figures Show New Home Sales and Prices Climb in Cheyenne
Posted on: May 06, 2013 07:06:40 AM
In the Cheyenne, WY market in February, closings of new homes grew year-over-year, rebounding from a year-over-year decline in January 2013. New home closings moved from 11 a year earlier to 13 after the figure moved from 17 in January 2012 to five in January 2013.
A total of 242 new homes were sold during the 12 months that ended in February, up from 240 for the year that ended in January.
New home closings were 13 of the 154 total closings, up on a percentage basis from 11 of 162 a year earlier. Closings of new and existing homes fell year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $268,174 from last year's $232,793. This came after a 41.4% surge in January year-over-year.
Average mortgage size on new homes moved from $227,363 to $228,243. Average mortgage size on new homes went from $250,645 in January 2012 to $358,193 in January 2013. On average, the percentage of new home sale price being financed saw a 12.6 percentage point decline from a year earlier. It went from 94.0% in January 2012 to 95.0% in January 2013.
Newest Figures Show New Home Sales and Prices Climb in Cheyenne
Posted on: May 06, 2013 07:06:40 AM
In the Cheyenne, WY market in February, closings of new homes grew year-over-year, rebounding from a year-over-year decline in January 2013. New home closings moved from 11 a year earlier to 13 after the figure moved from 17 in January 2012 to five in January 2013.
A total of 242 new homes were sold during the 12 months that ended in February, up from 240 for the year that ended in January.
New home closings were 13 of the 154 total closings, up on a percentage basis from 11 of 162 a year earlier. Closings of new and existing homes fell year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $268,174 from last year's $232,793. This came after a 41.4% surge in January year-over-year.
Average mortgage size on new homes moved from $227,363 to $228,243. Average mortgage size on new homes went from $250,645 in January 2012 to $358,193 in January 2013. On average, the percentage of new home sale price being financed saw a 12.6 percentage point decline from a year earlier. It went from 94.0% in January 2012 to 95.0% in January 2013.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen. Single-family home closings made up all of new home closings after accounting for nine of 11 last year. Meanwhile, attached units made up no part of new home closings after making up two of 11 closings a year earlier.
The average unit size of newly sold homes fell from 1,479 square feet a year earlier to 1,026 square feet.
Foreclosures and real estate owned (REO) closings did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 21.3% of closings. They represented 27.8% in February 2012. The percentage of existing home closings involving foreclosures dipped to 7.1% in February from 15.9% a year earlier while REO closings as a percentage of existing home closings rose to 14.2% from 11.9%.
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Source: Housing Intelligence