Santa Fe, NM - Newest Figures for New Home Sales Fall Year-Over-Year in February After Climbing Year-Over-Year in January
Posted on: May 07, 2012 09:45:13 AM
New home sales in the Santa Fe, NM market fell year-over-year in February, sliding after a growth in January 2012. New home sales moved from 14 a year earlier to seven after the figure moved from 13 in January 2011 to 24 in January 2012.
A total of 185 new homes were sold during the 12 months that ended in February, down from 192 for the year that ended in January.
New home sales accounted for seven of the 163 total sales, a smaller percentage compared with 14 of 160 sales a year earlier. Following a year-over-year increase in January, sales of new and existing homes also increased year-over-year in February.
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Pricing and Mortgage Trends
The average per-unit price of new homes was $192,276 in February 2012, up from $186,695 a year ago. This followed a 59.9% decline in January from a year earlier.
Average mortgage size on new homes moved from $173,544 to $174,918. Average mortgage size on new homes went from $311,993 in January 2011 to $128,985 in January 2012. Of the overall sale price, the percentage that was being financed fell 2.0 percentage points year-over-year to 91.0% in February 2012. This was a swing downward after a 2.6 percentage point rise in January from a year earlier.
Santa Fe, NM - Newest Figures for New Home Sales Fall Year-Over-Year in February After Climbing Year-Over-Year in January
Posted on: May 07, 2012 09:45:13 AM
New home sales in the Santa Fe, NM market fell year-over-year in February, sliding after a growth in January 2012. New home sales moved from 14 a year earlier to seven after the figure moved from 13 in January 2011 to 24 in January 2012.
A total of 185 new homes were sold during the 12 months that ended in February, down from 192 for the year that ended in January.
New home sales accounted for seven of the 163 total sales, a smaller percentage compared with 14 of 160 sales a year earlier. Following a year-over-year increase in January, sales of new and existing homes also increased year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $192,276 in February 2012, up from $186,695 a year ago. This followed a 59.9% decline in January from a year earlier.
Average mortgage size on new homes moved from $173,544 to $174,918. Average mortgage size on new homes went from $311,993 in January 2011 to $128,985 in January 2012. Of the overall sale price, the percentage that was being financed fell 2.0 percentage points year-over-year to 91.0% in February 2012. This was a swing downward after a 2.6 percentage point rise in January from a year earlier.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up two of seven new home sales after accounting for one of 14 a year earlier. Meanwhile, single-family homes made up five of seven new home sales after making up 13 of 14 a year earlier.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Combined, foreclosures plus REO sales made up 30.8% of existing home sales. In February 2011, they represented 25.3%. The percentage of existing home sales involving foreclosures went from 8.9% in February 2011 to 9.6% in February 2012 and REO sales as a percentage of existing home sales rose to 21.2% from 16.4%.
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Source: Housing Intelligence