Eugene, OR - Recent New Home Sales Numbers Give Hints Market Decrease is Deepening
Posted on: Apr 09, 2012 07:25:19 PM
In the Eugene, OR market, new home sales dropped year-over-year in January, and the decline was by a larger percentage than the December 2011. New home sales moved from 25 a year earlier to nine after the figure moved from 42 in December 2010 to 17 in December 2011.
A total of 179 new homes were sold during the 12 months that ended in January, down from 195 for the year that ended in December.
New home sales were nine of the 241 total sales, down on a percentage basis from 25 of 222 a year earlier. Following a decline in December year-over-year, sales of new and existing homes rose year-over-year in January.
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Pricing and Mortgage Trends
The average new home price was $234,036, up from $210,603 a year earlier. This followed a 36.6% gain in December year-over-year.
Average mortgage size on new homes rose from $173,101 to $226,981. Average mortgage size rose 12.9% in December 2011 from a year earlier. For new home sales, the percentage of the sale price that was being financed jumped 14.8 percentage points year-over-year to 97.0% in January 2012. This came after a 13.3 percentage point decline in December from a year earlier.
Eugene, OR - Recent New Home Sales Numbers Give Hints Market Decrease is Deepening
Posted on: Apr 09, 2012 07:25:19 PM
In the Eugene, OR market, new home sales dropped year-over-year in January, and the decline was by a larger percentage than the December 2011. New home sales moved from 25 a year earlier to nine after the figure moved from 42 in December 2010 to 17 in December 2011.
A total of 179 new homes were sold during the 12 months that ended in January, down from 195 for the year that ended in December.
New home sales were nine of the 241 total sales, down on a percentage basis from 25 of 222 a year earlier. Following a decline in December year-over-year, sales of new and existing homes rose year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $234,036, up from $210,603 a year earlier. This followed a 36.6% gain in December year-over-year.
Average mortgage size on new homes rose from $173,101 to $226,981. Average mortgage size rose 12.9% in December 2011 from a year earlier. For new home sales, the percentage of the sale price that was being financed jumped 14.8 percentage points year-over-year to 97.0% in January 2012. This came after a 13.3 percentage point decline in December from a year earlier.
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 sales made up one of nine new home sales after accounting for two of 25 a year earlier. Meanwhile, single-family homes made up eight of nine new home sales after making up 23 of 25 a year earlier.
The average unit size of newly sold homes rose from 1,706 square feet a year earlier to 2,619 square feet.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Together, foreclosures plus REO sales represented 38.4% of existing home sales. In January 2011, they made up 46.7%. The percentage of existing home sales involving foreclosures slipped to 17.7% in January from 19.8% a year earlier while REO sales as a percentage of existing home sales dipped to 20.7% from 26.9% a year earlier.
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Source: Housing Intelligence