Missoula, MT - Recent New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:28:59 AM
New home sales in the Missoula, MT market grew year-over-year in February, rebounding from a year-over-year decline in January 2012. New home sales moved from one a year earlier to four after the figure moved from 10 in January 2011 to eight in January 2012.
A total of 67 new homes were sold during the 12 months that ended in February, up from 64 for the year that ended in January.
New home sales were four out of 92 total sales, making up 4.3%. This is up on a percentage basis from one of 82 a year earlier. After dropping in January from a year earlier, sales of new and existing homes climbed year-over-year in February.
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Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $204,002, down from last year's $212,078. This was on the heels of a 3.9% decline in January from a year earlier.
Average mortgage size on new homes fell from $209,979 to $173,102. Average mortgage size on new homes went from $149,411 in January 2011 to $142,213 in January 2012. From a year earlier, the percentage of new home sale price being financed saw a 14.2 percentage point drop. It went from 86.8% in January 2011 to 85.9% in January 2012.
Missoula, MT - Recent New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:28:59 AM
New home sales in the Missoula, MT market grew year-over-year in February, rebounding from a year-over-year decline in January 2012. New home sales moved from one a year earlier to four after the figure moved from 10 in January 2011 to eight in January 2012.
A total of 67 new homes were sold during the 12 months that ended in February, up from 64 for the year that ended in January.
New home sales were four out of 92 total sales, making up 4.3%. This is up on a percentage basis from one of 82 a year earlier. After dropping in January from a year earlier, sales of new and existing homes climbed year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $204,002, down from last year's $212,078. This was on the heels of a 3.9% decline in January from a year earlier.
Average mortgage size on new homes fell from $209,979 to $173,102. Average mortgage size on new homes went from $149,411 in January 2011 to $142,213 in January 2012. From a year earlier, the percentage of new home sale price being financed saw a 14.2 percentage point drop. It went from 86.8% in January 2011 to 85.9% 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.
Foreclosures and real estate owned (REO) sales fell in February from a year earlier, but stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales represented 26.1% of sales, below 38.3% a year earlier. The percentage of existing home sales involving foreclosures declined to 15.9% in February from 21.0% a year earlier while REO sales as a percentage of existing home sales fell to 10.2% from 17.3% a year earlier.
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Source: Housing Intelligence