Kennewick, WA - Recent Figures for New Home Sales Suggest Market Drop is Mounting
Posted on: May 07, 2012 09:20:35 AM
In February, there was a fall year-over-year in new home sales in the Kennewick, WA market, and the percentage drop was steeper than January 2012, giving suggestion the market may be worsening. New home sales saw a drop of 34.2% from the year earlier to 52. This was after the housing market saw a 1.3% decline year-over-year in January.
A total of 1,046 new homes were sold during the 12 months that ended in February, down from 1,073 for the year that ended in January.
Out of all housing sales, new home sales made up 24.3%, down from the 33.9% of sales a year earlier. For new and existing homes, sales slipped in February after also declining in January year-over-year.
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Pricing and Mortgage Trends
Average value of new homes sold in February was $230,856 per unit, down 5.4% year-over-year from a year earlier. This is a movement south from the 14.7% hike in January year-over-year.
The average mortgage size on newly sold homes rose year-over-year in contrast to the average price of new homes. It increased to $214,924 in February, a 9.5% rise. In January 2012, average mortgage size grew 15.8% from a year earlier. From a year earlier, the percentage of new home sale price being financed saw a 12.7 percentage point hike. It moved from 94.7% in January 2011 to 95.6% in February 2011.
Kennewick, WA - Recent Figures for New Home Sales Suggest Market Drop is Mounting
Posted on: May 07, 2012 09:20:35 AM
In February, there was a fall year-over-year in new home sales in the Kennewick, WA market, and the percentage drop was steeper than January 2012, giving suggestion the market may be worsening. New home sales saw a drop of 34.2% from the year earlier to 52. This was after the housing market saw a 1.3% decline year-over-year in January.
A total of 1,046 new homes were sold during the 12 months that ended in February, down from 1,073 for the year that ended in January.
Out of all housing sales, new home sales made up 24.3%, down from the 33.9% of sales a year earlier. For new and existing homes, sales slipped in February after also declining in January year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in February was $230,856 per unit, down 5.4% year-over-year from a year earlier. This is a movement south from the 14.7% hike in January year-over-year.
The average mortgage size on newly sold homes rose year-over-year in contrast to the average price of new homes. It increased to $214,924 in February, a 9.5% rise. In January 2012, average mortgage size grew 15.8% from a year earlier. From a year earlier, the percentage of new home sale price being financed saw a 12.7 percentage point hike. It moved from 94.7% in January 2011 to 95.6% in February 2011.
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 home sales have represented all of new home sales while attached unit sales have made up no part of sales.
Foreclosures and real estate owned (REO) sales did not appear to be dragging the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 21.0% of sales. They made up 27.9% in February 2011. The percentage of existing home sales involving foreclosures rose to 8.6% in February from 7.1% a year earlier while REO sales as a percentage of existing home sales dipped to 12.3% from 20.8% a year earlier.
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Source: Housing Intelligence