Mount Vernon, WA - Recent New Home Sales Numbers Suggest Market Drop is Slowing
Posted on: May 07, 2012 09:30:19 AM
In the Mount Vernon, WA market, sales of new homes slid year-over-year in February, but the decline was less than the year-over-year decline in January. New home sales moved from seven a year earlier to four after the figure moved from five in January 2011 to two in January 2012.
A total of 82 new homes were sold during the 12 months that ended in February, down from 85 for the year that ended in January.
Four of the 88 total sales were new home sales, a shift on a percentage basis from seven out of 133 a year earlier. Sales of new and existing homes fell year-over-year in February after also falling in January year-over-year.
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Pricing and Mortgage Trends
The average new home price was $215,480 in February 2012, up from $212,400 a year earlier. This followed a 4.9% decline in January from a year earlier.
The average mortgage size on new homes was $206,900, up from $163,713. Average mortgage size on new homes went from $199,070 in January 2011 to $194,146 in January 2012. The overall percentage of sale price that was being financed gained 18.9 percentage points year-over-year to 96.0% in February 2012. This was another rise after January 2012 when there was a 2.2 percentage point rise from a year earlier.
Mount Vernon, WA - Recent New Home Sales Numbers Suggest Market Drop is Slowing
Posted on: May 07, 2012 09:30:19 AM
In the Mount Vernon, WA market, sales of new homes slid year-over-year in February, but the decline was less than the year-over-year decline in January. New home sales moved from seven a year earlier to four after the figure moved from five in January 2011 to two in January 2012.
A total of 82 new homes were sold during the 12 months that ended in February, down from 85 for the year that ended in January.
Four of the 88 total sales were new home sales, a shift on a percentage basis from seven out of 133 a year earlier. Sales of new and existing homes fell year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $215,480 in February 2012, up from $212,400 a year earlier. This followed a 4.9% decline in January from a year earlier.
The average mortgage size on new homes was $206,900, up from $163,713. Average mortgage size on new homes went from $199,070 in January 2011 to $194,146 in January 2012. The overall percentage of sale price that was being financed gained 18.9 percentage points year-over-year to 96.0% in February 2012. This was another rise after January 2012 when there was a 2.2 percentage point rise from a year earlier.
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 six of seven last year. Meanwhile, attached units made up no part of new home sales after making up one of seven sales a year earlier.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales accounted for 48.8% of existing home sales. They made up 54.8% in February 2011. The percentage of existing home sales involving foreclosures fell to 25.0% in February from 34.1% a year earlier while REO sales as a percentage of existing home sales rose to 23.8% from 20.6%.
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Source: Housing Intelligence