Freshest Figures Show New Home Sales and Prices Increase in Fairbanks
Posted on: May 06, 2013 07:11:32 AM
In the Fairbanks, AK market in February, closings of new homes increased year-over-year, and the increase was greater than January 2013. New home closings moved from two a year earlier to three after the figure moved from none in January 2012 to two in January 2013.
A total of 27 new homes were sold during the 12 months that ended in February, up from 26 for the year that ended in January.
New home closings were three out of 61 total closings, making up 4.9%. This is up on a percentage basis from two of 74 a year earlier. For new and existing homes, closings declined in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average new home value went from $279,116 last year to $341,148,. This was on the heels of a set of periods with no new home closings in both January 2013 or January 2012
The average mortgage size on new homes was $294,085, up from $280,904.
Freshest Figures Show New Home Sales and Prices Increase in Fairbanks
Posted on: May 06, 2013 07:11:32 AM
In the Fairbanks, AK market in February, closings of new homes increased year-over-year, and the increase was greater than January 2013. New home closings moved from two a year earlier to three after the figure moved from none in January 2012 to two in January 2013.
A total of 27 new homes were sold during the 12 months that ended in February, up from 26 for the year that ended in January.
New home closings were three out of 61 total closings, making up 4.9%. This is up on a percentage basis from two of 74 a year earlier. For new and existing homes, closings declined in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average new home value went from $279,116 last year to $341,148,. This was on the heels of a set of periods with no new home closings in both January 2013 or January 2012
The average mortgage size on new homes was $294,085, up from $280,904.
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 2013. Single-family homes continued to account for all of new home closings.
Foreclosures and real estate owned (REO) closings stayed steady in February from a year earlier, but remained a burden on the market. Combined, foreclosures plue REO closings accounted for 29.3% of existing home closings, relatively unchanged from a year earlier. The percentage of existing home closings involving foreclosures dipped to 6.9% in February from 12.5% a year earlier while REO closings as a percentage of existing home closings rose to 22.4% from 16.7%.
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Source: Housing Intelligence