Medford, OR - Newest New Home Sales Numbers Decrease Year-Over-Year in February After Rise Year-Over-Year in January
Posted on: May 07, 2012 09:27:28 AM
Sales of new homes in the Medford, OR market fell year-over-year in February, a decline following a rise in January 2012. New home sales moved from 12 a year earlier to five after the figure moved from 13 in January 2011 to 14 in January 2012.
A total of 118 new homes were sold during the 12 months that ended in February, down from 125 for the year that ended in January.
New home sales accounted for five of the 248 total sales, a smaller percentage compared with 12 of 242 sales a year earlier. Sales of new and existing homes rose year-over-year in February after also rising in January year-over-year.
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Pricing and Mortgage Trends
The average new home price was $263,793, up from $142,100 a year earlier. This followed a 4.1% rise in January year-over-year.
Average mortgage size on new homes went from $145,260 a year earlier to $246,825. Average mortgage size on new homes went from $138,036 in January 2011 to $183,532 in January 2012.
Medford, OR - Newest New Home Sales Numbers Decrease Year-Over-Year in February After Rise Year-Over-Year in January
Posted on: May 07, 2012 09:27:28 AM
Sales of new homes in the Medford, OR market fell year-over-year in February, a decline following a rise in January 2012. New home sales moved from 12 a year earlier to five after the figure moved from 13 in January 2011 to 14 in January 2012.
A total of 118 new homes were sold during the 12 months that ended in February, down from 125 for the year that ended in January.
New home sales accounted for five of the 248 total sales, a smaller percentage compared with 12 of 242 sales a year earlier. Sales of new and existing homes rose year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $263,793, up from $142,100 a year earlier. This followed a 4.1% rise in January year-over-year.
Average mortgage size on new homes went from $145,260 a year earlier to $246,825. Average mortgage size on new homes went from $138,036 in January 2011 to $183,532 in January 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 10 of 12 last year. Meanwhile, attached units made up no part of new home sales after making up two of 12 sales a year earlier.
The average unit size of newly sold homes rose from 1,464 square feet a year earlier to 1,780 square feet.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Out of all existing home sales, foreclosures combined with REO sales represented 51.9% of sales. They accounted for 55.7% in February 2011. The percentage of existing home sales involving foreclosures fell to 17.3% in February from 22.2% a year earlier while REO sales as a percentage of existing home sales increased to 34.6% from 33.5%.
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Source: Housing Intelligence