Grand Junction, CO - Latest Figures for New Home Sales Fall Year-Over-Year in February After Climbing Year-Over-Year in January
Posted on: May 07, 2012 09:13:24 AM
In February, there was a decline year-over-year in new home sales in the Grand Junction, CO market, dropping after a year-over-year increase in January 2012. New home sales moved from 15 a year earlier to four after the figure moved from five in January 2011 to 15 in January 2012.
A total of 172 new homes were sold during the 12 months that ended in February, down from 183 for the year that ended in January.
Out of 209 total sales, four were of new homes, which makes up a smaller percentage than the 15 out of 242 total sales last year. Following a year-over-year rise in January, sales of new and existing homes slid year-over-year in February.
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Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $182,925, down from last year's $197,065. This was on the heels of a 19.5% drop in January from a year earlier.
The average mortgage size went down to $182,839 from $196,656 a year earlier. Average mortgage size on new homes went from $186,648 in January 2011 to $149,800 in January 2012. On aveage, the percentage of new home sale price that was being financed went from 99.8% of average price to 100.0% from a year earlier. It went from 92.7% in January 2011 to 92.4% in January 2012.
Grand Junction, CO - Latest Figures for New Home Sales Fall Year-Over-Year in February After Climbing Year-Over-Year in January
Posted on: May 07, 2012 09:13:24 AM
In February, there was a decline year-over-year in new home sales in the Grand Junction, CO market, dropping after a year-over-year increase in January 2012. New home sales moved from 15 a year earlier to four after the figure moved from five in January 2011 to 15 in January 2012.
A total of 172 new homes were sold during the 12 months that ended in February, down from 183 for the year that ended in January.
Out of 209 total sales, four were of new homes, which makes up a smaller percentage than the 15 out of 242 total sales last year. Following a year-over-year rise in January, sales of new and existing homes slid year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $182,925, down from last year's $197,065. This was on the heels of a 19.5% drop in January from a year earlier.
The average mortgage size went down to $182,839 from $196,656 a year earlier. Average mortgage size on new homes went from $186,648 in January 2011 to $149,800 in January 2012. On aveage, the percentage of new home sale price that was being financed went from 99.8% of average price to 100.0% from a year earlier. It went from 92.7% in January 2011 to 92.4% in January 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family homes continued to account for all of new home sales.
The average unit size of newly sold homes fell from 2,252 square feet a year earlier to 1,360 square feet.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Together, foreclosures plus REO sales made up 65.9% of existing home sales. They represented 60.8% in February 2011. The percentage of existing home sales involving foreclosures fell to 33.2% in February from 35.2% a year earlier while REO sales as a percentage of existing home sales increased to 32.7% from 25.6%.
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Source: Housing Intelligence