St. George, UT - Newest Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January
Posted on: May 07, 2012 09:49:27 AM
In February, there was an increase in sales of new homes in the St. George, UT market year-over-year, rallying back from a drop in January 2012. New home sales saw a rise of 6.9% from the year earlier to 31 after sales dropped 12.9% in January from the year earlier.
A total of 484 new homes were sold during the 12 months that ended in February, up from 482 for the year that ended in January.
New home sales made up 8.2% of overall housing sales, less than the 9.9% of sales a year earlier. Sales of new and existing homes climbed year-over-year in February following a fall in January year-over-year.
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Pricing and Mortgage Trends
The average price of new homes rose year-over-year 14.3% in February to $262,447 per unit. This bump follows a move from $311,479 per unit in January 2011 to $312,820 in January 2012.
Average mortgage size on new homes jumped year-over-year along with new home prices. In February 2012, average mortgage size gained 16.1% from a year earlier to $225,493. In January 2012, average mortgage size on newly sold homes saw a 7.1% rise year-over-year from a year earlier. For new home sales, the percentage of the sale price that was being financed increased 1.3 percentage points year-over-year to 85.9% in February 2012.
St. George, UT - Newest Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January
Posted on: May 07, 2012 09:49:27 AM
In February, there was an increase in sales of new homes in the St. George, UT market year-over-year, rallying back from a drop in January 2012. New home sales saw a rise of 6.9% from the year earlier to 31 after sales dropped 12.9% in January from the year earlier.
A total of 484 new homes were sold during the 12 months that ended in February, up from 482 for the year that ended in January.
New home sales made up 8.2% of overall housing sales, less than the 9.9% of sales a year earlier. Sales of new and existing homes climbed year-over-year in February following a fall in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year 14.3% in February to $262,447 per unit. This bump follows a move from $311,479 per unit in January 2011 to $312,820 in January 2012.
Average mortgage size on new homes jumped year-over-year along with new home prices. In February 2012, average mortgage size gained 16.1% from a year earlier to $225,493. In January 2012, average mortgage size on newly sold homes saw a 7.1% rise year-over-year from a year earlier. For new home sales, the percentage of the sale price that was being financed increased 1.3 percentage points year-over-year to 85.9% in February 2012.
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. The share of new home sales belonging to single-family homes increased from 89.7% in February 2011 to 96.8% of sales in February 2012. At the same time, the share of new home sales belonging to attached units sank to 3.2% of sales from 10.3% of sales.
For all new homes sold, the average unit size declined 19.7% year-over-year to 1,655 square feet in February 2012. In January, the average size of new homes sold went from 2,196 square feet a year earlier to 2,761 square feet.
Foreclosures and real estate owned (REO) sales fell in February from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO sales represented 39.1% of existing home sales, down from 50.6% a year earlier. The percentage of existing home sales involving foreclosures fell to 17.2% in February from 29.4% a year earlier and REO sales moved from 21.1% of existing home sales in February 2011 to 21.8% in February 2012.
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Source: Housing Intelligence