Newest Numbers Show Prices of New Homes Rise in Flagstaff, Sales Decrease
Posted on: May 06, 2013 07:12:06 AM
In the Flagstaff, AZ market, new home closings fell year-over-year in February, dropping after staying level in January. Closings stood at one in February after being five a year earlier and remaining unchanged at one in January from a year earlier.
A total of 68 new homes were sold during the 12 months that ended in February, down from 72 for the year that ended in January.
New home closings were one of the 107 total closings, down on a percentage basis from five of 141 a year earlier. Closings of new and existing homes sank year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $284,900 in February 2013, moving north from $239,272 a year earlier. This came after a 36.7% fall in January from a year earlier.
The average mortgage size went down to $227,900 from $271,355 a year earlier.
Newest Numbers Show Prices of New Homes Rise in Flagstaff, Sales Decrease
Posted on: May 06, 2013 07:12:06 AM
In the Flagstaff, AZ market, new home closings fell year-over-year in February, dropping after staying level in January. Closings stood at one in February after being five a year earlier and remaining unchanged at one in January from a year earlier.
A total of 68 new homes were sold during the 12 months that ended in February, down from 72 for the year that ended in January.
New home closings were one of the 107 total closings, down on a percentage basis from five of 141 a year earlier. Closings of new and existing homes sank year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $284,900 in February 2013, moving north from $239,272 a year earlier. This came after a 36.7% fall in January from a year earlier.
The average mortgage size went down to $227,900 from $271,355 a year earlier.
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 three of five last year. Meanwhile, attached units made up no part of new home closings after making up two of five closings a year earlier.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 36.8% of closings. They accounted for 43.4% in February 2012. The percentage of existing home closings involving foreclosures slipped to 15.1% in February from 16.2% a year earlier while REO closings as a percentage of existing home closings dipped to 21.7% from 27.2% a year earlier.
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Source: Housing Intelligence