Bremerton, WA - Freshest Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 06, 2012 09:16:53 AM
The Bremerton, WA market saw a drop in new home sales year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from 17 a year earlier to eight after the figure moved from 15 in January 2011 to 10 in January 2012.
A total of 195 new homes were sold during the 12 months that ended in February, down from 204 for the year that ended in January.
New home sales were 7.0% of total sales a year earlier, and this percentage saw a decline as new home sales this year made up eight of the 193 total sales. Sales of new and existing homes dropped year-over-year in February after also falling in January year-over-year.
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Pricing and Mortgage Trends
The average new home price was $287,263, down from $335,090 a year earlier. This came after a 1.2% decline in January from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $333,254 to $227,246. Average mortgage size on new homes went from $266,552 in January 2011 to $246,286 in January 2012. For new home sales, the percentage of the sale price that was being financed fell 20.3 percentage points year-over-year to 79.1% in February 2012.
Bremerton, WA - Freshest Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 06, 2012 09:16:53 AM
The Bremerton, WA market saw a drop in new home sales year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from 17 a year earlier to eight after the figure moved from 15 in January 2011 to 10 in January 2012.
A total of 195 new homes were sold during the 12 months that ended in February, down from 204 for the year that ended in January.
New home sales were 7.0% of total sales a year earlier, and this percentage saw a decline as new home sales this year made up eight of the 193 total sales. Sales of new and existing homes dropped year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $287,263, down from $335,090 a year earlier. This came after a 1.2% decline in January from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $333,254 to $227,246. Average mortgage size on new homes went from $266,552 in January 2011 to $246,286 in January 2012. For new home sales, the percentage of the sale price that was being financed fell 20.3 percentage points year-over-year to 79.1% in February 2012.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for 16 of 17 last year. Meanwhile, attached units made up no part of new home sales after making up one of 17 sales a year earlier.
The average unit size of newly sold homes fell from 2,351 square feet a year earlier to 2,191 square feet.
Foreclosures and real estate owned (REO) sales decreased in February from a year earlier, but stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales made up 43.2% of sales, below 55.9% a year earlier. The percentage of existing home sales involving foreclosures slipped to 20.0% in February from 23.3% a year earlier while REO sales as a percentage of existing home sales fell to 23.2% from 32.6% a year earlier.
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Source: Housing Intelligence