Prescott, AZ - Newest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:37:36 AM
There was an increase in new home sales in the Prescott, AZ market in February year-over-year, rebounding from a year-over-year decline in January 2012. New home sales moved from eight a year earlier to 11 after the figure moved from nine in January 2011 to five in January 2012.
A total of 138 new homes were sold during the 12 months that ended in February, up from 135 for the year that ended in January.
New home sales were 11 of the 321 total sales, up on a percentage basis from eight of 369 a year earlier. For new and existing homes, sales dropped in February after also declining in January year-over-year.
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Pricing and Mortgage Trends
The average new home price in February 2012 went up to $749,183 from $182,275 a year ago. This came after a 43.5% decline in January from a year earlier.
Average mortgage size on new homes went from $167,580 a year earlier to $201,619. Average mortgage size on new homes went from $208,992 in January 2011 to $135,760 in January 2012. Of the overall sale price, the percentage that was being financed declined 65.0 percentage points year-over-year to 26.9% in February 2012. This was a swing downward after a 9.9 percentage point rise in January from a year earlier.
Prescott, AZ - Newest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:37:36 AM
There was an increase in new home sales in the Prescott, AZ market in February year-over-year, rebounding from a year-over-year decline in January 2012. New home sales moved from eight a year earlier to 11 after the figure moved from nine in January 2011 to five in January 2012.
A total of 138 new homes were sold during the 12 months that ended in February, up from 135 for the year that ended in January.
New home sales were 11 of the 321 total sales, up on a percentage basis from eight of 369 a year earlier. For new and existing homes, sales dropped in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average new home price in February 2012 went up to $749,183 from $182,275 a year ago. This came after a 43.5% decline in January from a year earlier.
Average mortgage size on new homes went from $167,580 a year earlier to $201,619. Average mortgage size on new homes went from $208,992 in January 2011 to $135,760 in January 2012. Of the overall sale price, the percentage that was being financed declined 65.0 percentage points year-over-year to 26.9% in February 2012. This was a swing downward after a 9.9 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.
The average unit size of newly sold homes rose from 1,799 square feet a year earlier to 2,450 square feet.
Foreclosures and real estate owned (REO) sales decreased in February from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO sales made up 59.7% of existing home sales, down from 69.8% a year earlier. The percentage of existing home sales involving foreclosures went from 29.1% in February 2011 to 29.7% in February 2012 and REO sales as a percentage of existing home sales fell to 30.0% from 40.7% a year earlier.
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Source: Housing Intelligence