Freshest Figures Indicate Prices of New Homes Gain, Sales Stay Level in Anchorage
Posted on: May 06, 2013 07:01:25 AM
New home closings in the Anchorage, AK market stayed the same year-over-year in February, stabilizing after a rise in January from the year earlier. Closings remained steady from a year earlier at 23, compared with a 47.6% climb in January year-over-year.
A total of 430 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.
For new and existing homes, closings rose year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year in February to $333,589 per unit, a rise of 10.0%. This bump is smaller than the 27.3% lift in January year-over-year.
For newly sold homes, the average mortgage size saw a boost year-over-year along with new home prices. In February 2013, the average mortgage size was $306,066, a 10.7% surge from a year earlier. Average mortgage size rose 24.2% in January 2013 from a year earlier. The overall percentage of sale price that was being financed went from 91.2% of average price to 91.7% from a year earlier. In January 2013, the figure declined 2.2 percentage points from the year earlier.
Freshest Figures Indicate Prices of New Homes Gain, Sales Stay Level in Anchorage
Posted on: May 06, 2013 07:01:25 AM
New home closings in the Anchorage, AK market stayed the same year-over-year in February, stabilizing after a rise in January from the year earlier. Closings remained steady from a year earlier at 23, compared with a 47.6% climb in January year-over-year.
A total of 430 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.
For new and existing homes, closings rose year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year in February to $333,589 per unit, a rise of 10.0%. This bump is smaller than the 27.3% lift in January year-over-year.
For newly sold homes, the average mortgage size saw a boost year-over-year along with new home prices. In February 2013, the average mortgage size was $306,066, a 10.7% surge from a year earlier. Average mortgage size rose 24.2% in January 2013 from a year earlier. The overall percentage of sale price that was being financed went from 91.2% of average price to 91.7% from a year earlier. In January 2013, the figure declined 2.2 percentage points from the year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings grew from 82.6% of new closings in February 2012 to 91.3% of closings in February 2013. Meanwhile, attached units as a percentage of all new home closings dropped to 8.7% of closings from 17.4% of closings.
The average unit size of newly sold homes climbed 56.5% year-over-year to 3,309 square feet in February 2013. A rise was also seen in January 2013 when the average size of new homes sold gained more than twofold to 5,320 square feet.
Foreclosures and real estate owned (REO) closings did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 22.6% of existing home closings. In February 2012, they represented 29.6%. The percentage of existing home closings involving foreclosures fell to 9.7% in February from 15.8% a year earlier and REO closings moved from 13.8% of existing home closings in February 2012 to 12.9% in February 2013.
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Source: Housing Intelligence