Pocatello, ID - Latest New Home Sales Numbers Give Hints Market Decrease is Deepening
Posted on: May 07, 2012 09:36:30 AM
In the Pocatello, ID market in February, sales of new homes fell year-over-year, and the decline was by a larger percentage than the January 2012. New home sales moved from four a year earlier to one after the figure moved from three in January 2011 to two in January 2012.
A total of 40 new homes were sold during the 12 months that ended in February, down from 43 for the year that ended in January.
Out of 87 total sales, one were of new homes, which makes up a smaller percentage than the four out of 113 total sales last year. For new and existing homes, sales sank in February after also declining in January year-over-year.
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Pricing and Mortgage Trends
The average new home price was $253,737 in February 2012, moving north from $208,579 a year earlier. This followed a 20.7% drop in January from a year earlier.
The average mortgage size on new homes was $202,990, up from $191,417. Average mortgage size on new homes went from $144,391 in January 2011 to $121,831 in January 2012. The overall percentage of sale price that was being financed slid 11.8 percentage points year-over-year to 80.0% in February 2012. This was a swing downward after a 6.0 percentage point rise in January from a year earlier.
Pocatello, ID - Latest New Home Sales Numbers Give Hints Market Decrease is Deepening
Posted on: May 07, 2012 09:36:30 AM
In the Pocatello, ID market in February, sales of new homes fell year-over-year, and the decline was by a larger percentage than the January 2012. New home sales moved from four a year earlier to one after the figure moved from three in January 2011 to two in January 2012.
A total of 40 new homes were sold during the 12 months that ended in February, down from 43 for the year that ended in January.
Out of 87 total sales, one were of new homes, which makes up a smaller percentage than the four out of 113 total sales last year. For new and existing homes, sales sank in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $253,737 in February 2012, moving north from $208,579 a year earlier. This followed a 20.7% drop in January from a year earlier.
The average mortgage size on new homes was $202,990, up from $191,417. Average mortgage size on new homes went from $144,391 in January 2011 to $121,831 in January 2012. The overall percentage of sale price that was being financed slid 11.8 percentage points year-over-year to 80.0% in February 2012. This was a swing downward after a 6.0 percentage point rise in January from a year earlier.
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 declined in February from a year earlier, but remained a burden on the market. Foreclosures and REO sales, taken together, made up 34.9% of existing sales, lower than 45.9% a year earlier. The percentage of existing home sales involving foreclosures fell to 12.8% in February from 23.9% a year earlier while REO sales as a percentage of existing home sales stayed level at 22.1%.
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Source: Housing Intelligence