Phoenix, AZ - Newest New Home Sales Numbers Suggest Market Rise Strengthening.
Posted on: Feb 06, 2012 09:35:20 AM
In the Phoenix, AZ market in November, new home sales increased year-over-year, and there were suggestions that the market may be improving as the percentage rise was better than October 2011. New home sales saw a rise of 7.7% from the year earlier to 682 after sales increased 2.8% in October from the year earlier.
A total of 7,126 new homes were sold during the 12 months that ended in November, up from 7,077 for the year that ended in October.
Out of all housing sales, new home sales represented 6.7%. New home sales were 6.1% of overall sales last year. Sales of new and existing homes declined year-over-year in November after also falling in October year-over-year.
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Pricing and Mortgage Trends
In November, the average price for new homes was $238,641, a 2.3% decline from last year. This marks a downturn from the 8.7% rise in October year-over-year.
For newly sold homes, the average mortgage size slipped year-over-year in contrast to average price of new homes. It dipped to $203,086 in November, a 4.4% decline. In October 2011, average mortgage size grew 17.8% from a year earlier. For new home sales, the percentage of the sale price that was being financed fell 1.9 percentage points year-over-year to 85.1% in November 2011. This was a swing downward after a 7.1 percentage point rise in October from a year earlier.
Phoenix, AZ - Newest New Home Sales Numbers Suggest Market Rise Strengthening.
Posted on: Feb 06, 2012 09:35:20 AM
In the Phoenix, AZ market in November, new home sales increased year-over-year, and there were suggestions that the market may be improving as the percentage rise was better than October 2011. New home sales saw a rise of 7.7% from the year earlier to 682 after sales increased 2.8% in October from the year earlier.
A total of 7,126 new homes were sold during the 12 months that ended in November, up from 7,077 for the year that ended in October.
Out of all housing sales, new home sales represented 6.7%. New home sales were 6.1% of overall sales last year. Sales of new and existing homes declined year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
In November, the average price for new homes was $238,641, a 2.3% decline from last year. This marks a downturn from the 8.7% rise in October year-over-year.
For newly sold homes, the average mortgage size slipped year-over-year in contrast to average price of new homes. It dipped to $203,086 in November, a 4.4% decline. In October 2011, average mortgage size grew 17.8% from a year earlier. For new home sales, the percentage of the sale price that was being financed fell 1.9 percentage points year-over-year to 85.1% in November 2011. This was a swing downward after a 7.1 percentage point rise in October from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. Single-family home sales rose from 88.2% of new sales in November 2010 to 94.4% of sales in November 2011. At the same time, the share of new home sales belonging to attached units declined to 5.6% of sales from 11.8% of sales.
There was a move in the average unit size of newly sold homes from 2,192 square feet in November 2010 to 2,196 square feet in November 2011. In October 2011, the average size of newly sold homes rose 1.7% from the year earlier.
Foreclosures and real estate owned (REO) sales declined in November from a year earlier, but stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 54.5% of sales, below 75.1% a year earlier. The percentage of existing home sales involving foreclosures went from 36.3% in November 2010 to 37.1% in November 2011 and REO sales as a percentage of existing home sales dropped to 17.4% from 38.8% a year earlier.
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Source: Housing Intelligence