Recent Figures Show New Home Sales and Prices Gain in Las Vegas
Posted on: May 06, 2013 07:20:17 AM
The Las Vegas, NV market saw an increase in closings of new homes in February year-over-year, but with a less pronounced percentage surge than January 2013, there are hints of market stabilization. Closings rose 83.9% from a year earlier to 504, compared with a more than twofold boost in January from the year earlier.
A total of 5,698 new homes were sold during the 12 months that ended in February, up from 5,468 for the year that ended in January.
Of 4,990 total closings, 504 were of new homes. This is an increase on a percentage basis, as new home closings were 4.9% of total closings a year ago. 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 price of new homes jumped year-over-year in February to $261,785 per unit, a rise of 13.0%. This lift is better than the 2.6% rise in January year-over-year.
Average mortgage size on new homes grew year-over-year along with new home prices. It climbed to $230,291 in February, an 11.2% gain. Average mortgage size increased 5.2% in January 2013 from a year earlier. For new home closings, the percentage of the sale price that was being financed dipped 1.4 percentage points year-over-year to 88.0% in February 2013. This was a swing downward after a 2.1 percentage point rise in January from a year earlier.
Recent Figures Show New Home Sales and Prices Gain in Las Vegas
Posted on: May 06, 2013 07:20:17 AM
The Las Vegas, NV market saw an increase in closings of new homes in February year-over-year, but with a less pronounced percentage surge than January 2013, there are hints of market stabilization. Closings rose 83.9% from a year earlier to 504, compared with a more than twofold boost in January from the year earlier.
A total of 5,698 new homes were sold during the 12 months that ended in February, up from 5,468 for the year that ended in January.
Of 4,990 total closings, 504 were of new homes. This is an increase on a percentage basis, as new home closings were 4.9% of total closings a year ago. 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 price of new homes jumped year-over-year in February to $261,785 per unit, a rise of 13.0%. This lift is better than the 2.6% rise in January year-over-year.
Average mortgage size on new homes grew year-over-year along with new home prices. It climbed to $230,291 in February, an 11.2% gain. Average mortgage size increased 5.2% in January 2013 from a year earlier. For new home closings, the percentage of the sale price that was being financed dipped 1.4 percentage points year-over-year to 88.0% in February 2013. This was a swing downward after a 2.1 percentage point rise in January from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings grew from 93.1% of new closings in February 2012 to 95.0% of closings in February 2013. At the same time, the share of new home closings belonging to attached units declined to 5.0% of closings from 6.9% of closings.
There was a move in the average unit size of newly sold homes from 2,224 square feet in February 2012 to 2,210 square feet in February 2013. In January 2013, the average size of newly sold homes declined 4.5% from the year earlier.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, made up 34.1% of existing closings, lower than 68.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 16.4% in February from 26.9% a year earlier while REO closings as a percentage of existing home closings sank to 17.7% from 41.9% a year earlier.
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Source: Housing Intelligence