Fairbanks, AK - Newest New Home Sales Numbers Suggest Market Decline is Slowing
Posted on: May 07, 2012 09:10:03 AM
Sales of new homes dropped year-over-year in February in the Fairbanks, AK market, but the decline was less than the year-over-year decline in January. New home sales moved from five a year earlier to two after the figure moved from eight in January 2011 to none in January 2012.
A total of 101 new homes were sold during the 12 months that ended in February, down from 104 for the year that ended in January.
New home sales represented two out of the 71 total sales, which is a smaller percentage than the five of 68 total sales a year earlier. For new and existing homes, sales increased year-over-year in February after also increasing in January year-over-year.
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Pricing and Mortgage Trends
The average price of new homes was $279,116, an increase from $193,172 a year earlier. This followed a set of periods with no new home sales in both January 2012 or January 2011
Average mortgage size on new homes increased to $280,904 from $182,666 last year.
Fairbanks, AK - Newest New Home Sales Numbers Suggest Market Decline is Slowing
Posted on: May 07, 2012 09:10:03 AM
Sales of new homes dropped year-over-year in February in the Fairbanks, AK market, but the decline was less than the year-over-year decline in January. New home sales moved from five a year earlier to two after the figure moved from eight in January 2011 to none in January 2012.
A total of 101 new homes were sold during the 12 months that ended in February, down from 104 for the year that ended in January.
New home sales represented two out of the 71 total sales, which is a smaller percentage than the five of 68 total sales a year earlier. For new and existing homes, sales increased year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $279,116, an increase from $193,172 a year earlier. This followed a set of periods with no new home sales in both January 2012 or January 2011
Average mortgage size on new homes increased to $280,904 from $182,666 last year.
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 continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Together, foreclosures plus REO sales represented 29.0% of existing home sales. In February 2011, they accounted for 34.9%. The percentage of existing home sales involving foreclosures dipped to 13.0% in February from 17.5% a year earlier while REO sales as a percentage of existing home sales declined to 15.9% from 17.5% a year earlier.
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Source: Housing Intelligence