Portland, ME - Freshest New Home Sales Numbers Suggest Market Decrease is Slowing
Posted on: Feb 06, 2012 09:35:49 AM
New home sales in the Portland, ME market slid year-over-year in November, but the decline was less than the year-over-year decline in October. New home sales moved from 24 a year earlier to 15 after the figure moved from 26 in October 2010 to 12 in October 2011.
A total of 162 new homes were sold during the 12 months that ended in November, down from 171 for the year that ended in October.
New home sales as a percentage of overall housing sales fell to 9.0% from 17.6% of sales a year earlier. Following a decline in October year-over-year, sales of new and existing homes gained year-over-year in November.
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Pricing and Mortgage Trends
For newly sold homes, the average price increased 11.5% year-over-year in November to $263,847 per unit. This is a swing north from the 6.1% decline in October from a year earlier.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. It climbed 14.2% in November from a year earlier to $216,116. Average mortgage size on new homes went from $202,246 in October 2010 to $173,851 in October 2011. For new home sales, the percentage of the sale price that was being financed rose 1.9 percentage points year-over-year to 81.9% in November 2011. This came after a 6.7 percentage point decline in October from a year earlier.
Portland, ME - Freshest New Home Sales Numbers Suggest Market Decrease is Slowing
Posted on: Feb 06, 2012 09:35:49 AM
New home sales in the Portland, ME market slid year-over-year in November, but the decline was less than the year-over-year decline in October. New home sales moved from 24 a year earlier to 15 after the figure moved from 26 in October 2010 to 12 in October 2011.
A total of 162 new homes were sold during the 12 months that ended in November, down from 171 for the year that ended in October.
New home sales as a percentage of overall housing sales fell to 9.0% from 17.6% of sales a year earlier. Following a decline in October year-over-year, sales of new and existing homes gained year-over-year in November.
Pricing and Mortgage Trends
For newly sold homes, the average price increased 11.5% year-over-year in November to $263,847 per unit. This is a swing north from the 6.1% decline in October from a year earlier.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. It climbed 14.2% in November from a year earlier to $216,116. Average mortgage size on new homes went from $202,246 in October 2010 to $173,851 in October 2011. For new home sales, the percentage of the sale price that was being financed rose 1.9 percentage points year-over-year to 81.9% in November 2011. This came after a 6.7 percentage point decline in October from a year earlier.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in November 2011. Single-family home sales have accounted for all of new home sales while attached unit sales have made up no part of sales.
Foreclosures and real estate owned (REO) sales did not look to be a burden on the market. Combined, foreclosures plus REO sales accounted for 13.9% of existing home sales. In November 2010, they represented 9.8%. The percentage of existing home sales involving foreclosures went from 1.8% in November 2010 to 2.6% in November 2011 and REO sales as a percentage of existing home sales increased to 11.3% from 8.0%.
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Source: Housing Intelligence