Boston, MA - Recent New Home Sales Figures Drop
Posted on: Feb 06, 2012 09:14:21 AM
New home sales in the Boston, MA market declined year-over-year in October, shifting down after remaining relatively stable in September from the year earlier. Sales slid 15.0% from a year earlier to 91 after remaining steady in September from the earlier earlier.
A total of 1,544 new homes were sold during the 12 months that ended in October, down from 1,560 for the year that ended in September.
For new and existing homes, sales fell in October after also declining in September year-over-year.
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Pricing and Mortgage Trends
Average price of newly sold homes had an 8.6% decline year-over-year to $367,537 per unit in October. This decline a drop off from the 14.2% decline in September from a year earlier.
The average mortgage size on newly sold homes saw a fall year-over-year in contrast to new home prices. Average mortgage size sank by 17.5% from a year earlier, settling at $247,371 in October. In September 2011, average mortgage size declined 18.9% from a year earlier. For new home sales, the percentage of the sale price that was being financed fell 7.2 percentage points year-over-year to 67.3% in October 2011.
Boston, MA - Recent New Home Sales Figures Drop
Posted on: Feb 06, 2012 09:14:21 AM
New home sales in the Boston, MA market declined year-over-year in October, shifting down after remaining relatively stable in September from the year earlier. Sales slid 15.0% from a year earlier to 91 after remaining steady in September from the earlier earlier.
A total of 1,544 new homes were sold during the 12 months that ended in October, down from 1,560 for the year that ended in September.
For new and existing homes, sales fell in October after also declining in September year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had an 8.6% decline year-over-year to $367,537 per unit in October. This decline a drop off from the 14.2% decline in September from a year earlier.
The average mortgage size on newly sold homes saw a fall year-over-year in contrast to new home prices. Average mortgage size sank by 17.5% from a year earlier, settling at $247,371 in October. In September 2011, average mortgage size declined 18.9% from a year earlier. For new home sales, the percentage of the sale price that was being financed fell 7.2 percentage points year-over-year to 67.3% in October 2011.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in October 2011. Single-family home sales have accounted for 74.7% of new home sales while attached unit sales have represented 25.3% of sales.
There was a move in the average unit size of newly sold homes from 1,705 square feet in October 2010 to 1,695 square feet in October 2011. In September 2011, the average size of newly sold homes slipped 5.8% from the year earlier.
Foreclosures and real estate owned (REO) sales continued to increase in October from a year earlier and remained a burden on the market. Foreclosures and REO sales, taken together, made up 51.7% of existing home sales, higher than 40.6% a year earlier. The percentage of existing home sales involving foreclosures rose to 28.1% in October from 21.9% a year earlier while REO sales as a percentage of existing home sales rose to 23.6% from 18.7%.
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Source: Housing Intelligence