Greeley, CO - Freshest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 07, 2012 09:13:59 AM
There was an increase in new home sales in the Greeley, CO market in February year-over-year, and there were hints that the market may be improving as the percentage boost was better than January 2012. New home sales rose by 85.7% in February 2012 from a year earlier, after sales saw a 50.0% boost in January from the year earlier.
A total of 581 new homes were sold during the 12 months that ended in February, up from 557 for the year that ended in January.
New home sales represented 14.2% of overall housing sales. This is up from the 8.4% of sales a year earlier. After dropping in January from a year earlier, sales of new and existing homes increased year-over-year in February.
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Pricing and Mortgage Trends
In February, there was a 13.9% bump year-over-year in the average price of newly sold homes, reaching $243,414 per unit. This rise is higher than the 13.2% gain in January year-over-year.
For newly sold homes, the average mortgage size jumped year-over-year along with new home prices. It grew 10.7% in February from a year earlier to $222,255. In January 2012, average mortgage size rose 6.8% from a year earlier. Of the overall sale price, the percentage that was being financed dipped 2.6 percentage points year-over-year to 91.3% in February 2012.
Greeley, CO - Freshest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 07, 2012 09:13:59 AM
There was an increase in new home sales in the Greeley, CO market in February year-over-year, and there were hints that the market may be improving as the percentage boost was better than January 2012. New home sales rose by 85.7% in February 2012 from a year earlier, after sales saw a 50.0% boost in January from the year earlier.
A total of 581 new homes were sold during the 12 months that ended in February, up from 557 for the year that ended in January.
New home sales represented 14.2% of overall housing sales. This is up from the 8.4% of sales a year earlier. After dropping in January from a year earlier, sales of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
In February, there was a 13.9% bump year-over-year in the average price of newly sold homes, reaching $243,414 per unit. This rise is higher than the 13.2% gain in January year-over-year.
For newly sold homes, the average mortgage size jumped year-over-year along with new home prices. It grew 10.7% in February from a year earlier to $222,255. In January 2012, average mortgage size rose 6.8% from a year earlier. Of the overall sale price, the percentage that was being financed dipped 2.6 percentage points year-over-year to 91.3% in February 2012.
Other Market Trends
Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes rose from 85.7% in February 2011 to all of sales in February 2012. Meanwhile, attached units as a percentage of all new home sales declined to no part of sales from 14.3% of sales.
The average unit size of newly sold homes increased 1.8% year-over-year to 1,916 square feet in February 2012. The average size of newly sold homes moved from 1,901 square feet in January 2011 to 1,740 square feet in January 2012.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 59.7% of sales. In February 2011, they made up 63.0%. The percentage of existing home sales involving foreclosures declined to 27.2% in February from 29.8% a year earlier and REO sales moved from 33.1% of existing home sales in February 2011 to 32.6% in February 2012.
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Source: Housing Intelligence