Providence, RI - Freshest New home Sales Remain Steady
Posted on: May 07, 2012 09:37:52 AM
New home sales in the Providence, RI market stayed the same year-over-year in February, staying relatively stable after having decreased year-over-year in January. Sales remained level at 11 from a year earlier after the figure moved from 20 in January 2011 to four in January 2012.
A total of 178 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home sales were 11 out of the 984 total sales, a move on a percentage basis from 11 of 898 a year earlier. Sales of new and existing homes rose year-over-year in February after also rising in January year-over-year.
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Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $292,914, down from last year's $322,732. This was on the heels of a 21.1% fall in January from a year earlier.
The average mortgage size on new homes was $207,725, up from $193,484. Average mortgage size on new homes went from $225,927 in January 2011 to $215,072 in January 2012. Of the overall sale price, the percentage that was being financed grew 11.0 percentage points year-over-year to 70.9% in February 2012.
Providence, RI - Freshest New home Sales Remain Steady
Posted on: May 07, 2012 09:37:52 AM
New home sales in the Providence, RI market stayed the same year-over-year in February, staying relatively stable after having decreased year-over-year in January. Sales remained level at 11 from a year earlier after the figure moved from 20 in January 2011 to four in January 2012.
A total of 178 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home sales were 11 out of the 984 total sales, a move on a percentage basis from 11 of 898 a year earlier. Sales of new and existing homes rose year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $292,914, down from last year's $322,732. This was on the heels of a 21.1% fall in January from a year earlier.
The average mortgage size on new homes was $207,725, up from $193,484. Average mortgage size on new homes went from $225,927 in January 2011 to $215,072 in January 2012. Of the overall sale price, the percentage that was being financed grew 11.0 percentage points year-over-year to 70.9% in February 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 have continued to account for nine of 11 new home sales.
The average unit size of newly sold homes fell from 1,718 square feet a year earlier to 1,667 square feet.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales represented 42.5% of existing home sales. In February 2011, they accounted for 41.3%. The percentage of existing home sales involving foreclosures went from 21.5% in February 2011 to 21.9% in February 2012 and REO sales moved from 19.7% of existing home sales in February 2011 to 20.7% in February 2012.
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Source: Housing Intelligence