Manchester, NH - Recent Figures for New Home Sales Fall Year-Over-Year in November After Climbing Year-Over-Year in October
Posted on: Feb 06, 2012 09:30:31 AM
In the Manchester, NH market in November, new home sales fell year-over-year, sliding after a growth in October 2011. New home sales moved from 20 a year earlier to 18 after the figure moved from 13 in October 2010 to 14 in October 2011.
A total of 162 new homes were sold during the 12 months that ended in November, down from 164 for the year that ended in October.
Following a year-over-year increase in October, sales of new and existing homes slipped year-over-year in November.
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Pricing and Mortgage Trends
The average price of new homes was $296,237 per unit in November, up 2.2%from a year earlier. This rise is smaller than the 13.9% hike in October year-over-year.
For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. In November 2011, the average mortgage size on newly sold homes saw a 12.8% fall from a year earlier. Average mortgage size on new homes went from $214,017 in October 2010 to $237,000 in October 2011. Of the overall sale price, the percentage that was being financed declined 12.7 percentage points year-over-year to 73.6% in November 2011.
Manchester, NH - Recent Figures for New Home Sales Fall Year-Over-Year in November After Climbing Year-Over-Year in October
Posted on: Feb 06, 2012 09:30:31 AM
In the Manchester, NH market in November, new home sales fell year-over-year, sliding after a growth in October 2011. New home sales moved from 20 a year earlier to 18 after the figure moved from 13 in October 2010 to 14 in October 2011.
A total of 162 new homes were sold during the 12 months that ended in November, down from 164 for the year that ended in October.
Following a year-over-year increase in October, sales of new and existing homes slipped year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes was $296,237 per unit in November, up 2.2%from a year earlier. This rise is smaller than the 13.9% hike in October year-over-year.
For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. In November 2011, the average mortgage size on newly sold homes saw a 12.8% fall from a year earlier. Average mortgage size on new homes went from $214,017 in October 2010 to $237,000 in October 2011. Of the overall sale price, the percentage that was being financed declined 12.7 percentage points year-over-year to 73.6% in November 2011.
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 unit sales gained from 10.0% of all sales in November 2010 to 16.7% of sales in November 2011. Meanwhile, single-family home sales as a percentage of all new home sales dropped to 83.3% of sales from 90.0% of sales.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Combined, foreclosures plus REO sales accounted for 37.5% of existing home sales. In November 2010, they made up 44.4%. The percentage of existing home sales involving foreclosures dipped to 20.7% in November from 26.3% a year earlier while REO sales as a percentage of existing home sales declined to 16.7% from 18.1% a year earlier.
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Source: Housing Intelligence