Prices of New Homes Rise in Tucson, Sales Drop According to Recent Data
Posted on: May 06, 2013 07:37:17 AM
Closings of new homes slid year-over-year in February in the Tucson, AZ market, but there were signs the market may be stabilizing with a percentage drop less steep as in January 2013. New home closings saw a fall of 54.3% from the year earlier to 48. This was after the housing market saw a 56.6% decline year-over-year in January.
A total of 1,278 new homes were sold during the 12 months that ended in February, down from 1,335 for the year that ended in January.
New home closings as a percentage of overall housing closings fell to 3.8% from 6.4% of closings a year earlier. Following a year-over-year decline in January, closings of new and existing homes also dropped year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes increased year-over-year to $221,144 per unit, a 1.6% rise. This rise is smaller than the 7.8% rise in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In February 2013, the average mortgage size was $197,730, an 8.1% rise from a year earlier. Average mortgage size rose 3.4% in January 2013 from a year earlier. The overall percentage of sale price that was being financed increased 5.4 percentage points year-over-year to 89.4% in February 2013. This came after a 3.7 percentage point decline in January from a year earlier.
Prices of New Homes Rise in Tucson, Sales Drop According to Recent Data
Posted on: May 06, 2013 07:37:17 AM
Closings of new homes slid year-over-year in February in the Tucson, AZ market, but there were signs the market may be stabilizing with a percentage drop less steep as in January 2013. New home closings saw a fall of 54.3% from the year earlier to 48. This was after the housing market saw a 56.6% decline year-over-year in January.
A total of 1,278 new homes were sold during the 12 months that ended in February, down from 1,335 for the year that ended in January.
New home closings as a percentage of overall housing closings fell to 3.8% from 6.4% of closings a year earlier. Following a year-over-year decline in January, closings of new and existing homes also dropped year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes increased year-over-year to $221,144 per unit, a 1.6% rise. This rise is smaller than the 7.8% rise in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In February 2013, the average mortgage size was $197,730, an 8.1% rise from a year earlier. Average mortgage size rose 3.4% in January 2013 from a year earlier. The overall percentage of sale price that was being financed increased 5.4 percentage points year-over-year to 89.4% in February 2013. This came after a 3.7 percentage point decline in January from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings grew from 92.4% of new closings in February 2012 to 95.8% of closings in February 2013. Meanwhile, attached units as a percentage of all new home closings fell to 4.2% of closings from 7.6% of closings.
For all new homes sold, the average unit size rose 1.6% year-over-year to 1,905 square feet in February 2013. An increase was also seen in January 2013 when the average size of new homes sold climbed 22.8% to 2,554 square feet.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 43.4% of existing home closings, down from 55.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 18.4% in February from 24.9% a year earlier while REO closings as a percentage of existing home closings slipped to 25.0% from 31.1% a year earlier.
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Source: Housing Intelligence