Latest Numbers For Mount Vernon Show New Home Closings and Prices Gain
Posted on: May 06, 2013 07:25:07 AM
New home closings increased year-over-year in February in the Mount Vernon, WA market, but the increase was less than January 2013. New home closings moved from four a year earlier to seven after the figure moved from two in January 2012 to seven in January 2013.
A total of 109 new homes were sold during the 12 months that ended in February, up from 106 for the year that ended in January.
New home closings were seven out of the 168 total closings, a move on a percentage basis from four of 92 a year earlier. Following a year-over-year increase in January, closings of new and existing homes also jumped year-over-year in February.
Pricing and Mortgage Trends
The average new home value went from $215,480 last year to $275,599,. This was on the heels of a 32.2% rise in January year-over-year.
Average mortgage size on new homes rose from $206,900 to $245,192. Average mortgage size on new homes went from $194,146 in January 2012 to $279,054 in January 2013. Of the overall sale price, the percentage that was being financed fell 7.1 percentage points year-over-year to 89.0% in February 2013. In January 2013, there was a 7.7 percentage point rise from a year earlier.
Latest Numbers For Mount Vernon Show New Home Closings and Prices Gain
Posted on: May 06, 2013 07:25:07 AM
New home closings increased year-over-year in February in the Mount Vernon, WA market, but the increase was less than January 2013. New home closings moved from four a year earlier to seven after the figure moved from two in January 2012 to seven in January 2013.
A total of 109 new homes were sold during the 12 months that ended in February, up from 106 for the year that ended in January.
New home closings were seven out of the 168 total closings, a move on a percentage basis from four of 92 a year earlier. Following a year-over-year increase in January, closings of new and existing homes also jumped year-over-year in February.
Pricing and Mortgage Trends
The average new home value went from $215,480 last year to $275,599,. This was on the heels of a 32.2% rise in January year-over-year.
Average mortgage size on new homes rose from $206,900 to $245,192. Average mortgage size on new homes went from $194,146 in January 2012 to $279,054 in January 2013. Of the overall sale price, the percentage that was being financed fell 7.1 percentage points year-over-year to 89.0% in February 2013. In January 2013, there was a 7.7 percentage point rise from a year earlier.
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 a drag on the market. Together, foreclosures plus REO closings made up 39.1% of existing home closings. In February 2012, they accounted for 48.9%. The percentage of existing home closings involving foreclosures rose to 29.8% in February from 26.1% a year earlier while REO closings as a percentage of existing home closings declined to 9.3% from 22.7% a year earlier.
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Source: Housing Intelligence