Yuma, AZ - Recent New Home Sales Numbers Suggest Market Drop is Slowing
Posted on: May 07, 2012 09:59:07 AM
The Yuma, AZ market saw a drop in new home sales year-over-year in February, but the decline was less than the year-over-year decline in January. New home sales moved from 22 a year earlier to eight after the figure moved from 23 in January 2011 to five in January 2012.
A total of 154 new homes were sold during the 12 months that ended in February, down from 168 for the year that ended in January.
Out of 222 total sales, eight were of new homes, which makes up a smaller percentage than the 22 out of 230 total sales last year. For new and existing homes, sales declined 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 $172,106 from $156,458 a year ago. This was on the heels of a 12.6% drop in January from a year earlier.
The average mortgage size on new homes was $171,754, up from $147,087. Average mortgage size on new homes went from $148,296 in January 2011 to $157,698 in January 2012.
Yuma, AZ - Recent New Home Sales Numbers Suggest Market Drop is Slowing
Posted on: May 07, 2012 09:59:07 AM
The Yuma, AZ market saw a drop in new home sales year-over-year in February, but the decline was less than the year-over-year decline in January. New home sales moved from 22 a year earlier to eight after the figure moved from 23 in January 2011 to five in January 2012.
A total of 154 new homes were sold during the 12 months that ended in February, down from 168 for the year that ended in January.
Out of 222 total sales, eight were of new homes, which makes up a smaller percentage than the 22 out of 230 total sales last year. For new and existing homes, sales declined 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 $172,106 from $156,458 a year ago. This was on the heels of a 12.6% drop in January from a year earlier.
The average mortgage size on new homes was $171,754, up from $147,087. Average mortgage size on new homes went from $148,296 in January 2011 to $157,698 in January 2012.
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 1,448 square feet a year earlier to 2,163 square feet.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Together, foreclosures plus REO sales accounted for 60.7% of existing home sales. In February 2011, they made up 66.8%. The percentage of existing home sales involving foreclosures went from 27.4% in February 2011 to 28.0% in February 2012 and REO sales as a percentage of existing home sales slipped to 32.7% from 39.4% a year earlier.
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Source: Housing Intelligence