Denver, CO - Latest New Home Sales Decline Year-Over-Year in November After Rising Year-Over-Year in October
Posted on: Feb 06, 2012 09:18:51 AM
Sales of new homes fell year-over-year in November in the Denver, CO market, a move downward following a rise in October 2011. New home sales sank by 11.2% in November 2011 from a year earlier, after sales saw a 4.4% rise in October from the year earlier.
A total of 3,428 new homes were sold during the 12 months that ended in November, down from 3,468 for the year that ended in October.
New home sales accounted for 8.5% of overall housing sales. This is a decline 9.6% of sales a year earlier. Sales of new and existing homes increased year-over-year in November after also rising in October year-over-year.
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Pricing and Mortgage Trends
Average price of newly sold homes had a 7.0% decline year-over-year to $334,274 per unit in November. This decline a drop off from the 10.1% fall in October from a year earlier.
For newly sold homes, the average mortgage size fell year-over-year in contrast to average price of new homes. Average mortgage size slipped by 5.6% from a year earlier, settling at $272,895 in November. In October 2011, average mortgage size slid 10.9% from a year earlier. For new home sales, the average percentage of the price being financed rose 1.2 percentage points from a year earlier. It moved from 81.5% in October 2010 to 80.8% in November 2010.
Denver, CO - Latest New Home Sales Decline Year-Over-Year in November After Rising Year-Over-Year in October
Posted on: Feb 06, 2012 09:18:51 AM
Sales of new homes fell year-over-year in November in the Denver, CO market, a move downward following a rise in October 2011. New home sales sank by 11.2% in November 2011 from a year earlier, after sales saw a 4.4% rise in October from the year earlier.
A total of 3,428 new homes were sold during the 12 months that ended in November, down from 3,468 for the year that ended in October.
New home sales accounted for 8.5% of overall housing sales. This is a decline 9.6% of sales a year earlier. Sales of new and existing homes increased year-over-year in November after also rising in October year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 7.0% decline year-over-year to $334,274 per unit in November. This decline a drop off from the 10.1% fall in October from a year earlier.
For newly sold homes, the average mortgage size fell year-over-year in contrast to average price of new homes. Average mortgage size slipped by 5.6% from a year earlier, settling at $272,895 in November. In October 2011, average mortgage size slid 10.9% from a year earlier. For new home sales, the average percentage of the price being financed rose 1.2 percentage points from a year earlier. It moved from 81.5% in October 2010 to 80.8% in November 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 gained from 82.1% of new sales in November 2010 to 83.9% of sales in November 2011. Meanwhile, attached units as a percentage of all new home sales declined to 16.1% of sales from 17.9% of sales.
For all new homes sold, the average unit size fell 23.0% year-over-year to 1,818 square feet in November 2011.
Foreclosures and real estate owned (REO) sales decreased in November from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO sales represented 36.8% of existing home sales, below 53.6% a year earlier. The percentage of existing home sales involving foreclosures dipped to 18.8% in November from 25.6% a year earlier while REO sales as a percentage of existing home sales dropped to 18.0% from 28.0% a year earlier.
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Source: Housing Intelligence