New Home Sales and Prices Both Gain in Olympia According to Recent Data
Posted on: May 06, 2013 07:27:12 AM
The Olympia, WA market saw a rise in new home closings in February year-over-year, swinging up after a decline in January 2013. New home closings saw a 71.1% hike from a year earlier to 65 after closings slid 12.5% in January from the year earlier.
A total of 671 new homes were sold during the 12 months that ended in February, up from 644 for the year that ended in January.
Out of all housing closings, new home closings made up 23.2%. This is better than the 19.1% of closings 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
In February, the average price of newly sold homes rose to $264,907 per unit, a 4.7% rise year-over-year. This is a reversal from the 7.5% decline in January from a year earlier.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. The average mortgage size saw a 7.0% rise year-over-year to $254,598 in February. In January 2013, average mortgage size fell 7.0% from a year earlier. On average, the percentage of new home sale price being financed saw a 2.0 percentage point rise from a year earlier. It went from 96.6% in January 2012 to 97.2% in January 2013.
New Home Sales and Prices Both Gain in Olympia According to Recent Data
Posted on: May 06, 2013 07:27:12 AM
The Olympia, WA market saw a rise in new home closings in February year-over-year, swinging up after a decline in January 2013. New home closings saw a 71.1% hike from a year earlier to 65 after closings slid 12.5% in January from the year earlier.
A total of 671 new homes were sold during the 12 months that ended in February, up from 644 for the year that ended in January.
Out of all housing closings, new home closings made up 23.2%. This is better than the 19.1% of closings 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
In February, the average price of newly sold homes rose to $264,907 per unit, a 4.7% rise year-over-year. This is a reversal from the 7.5% decline in January from a year earlier.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. The average mortgage size saw a 7.0% rise year-over-year to $254,598 in February. In January 2013, average mortgage size fell 7.0% from a year earlier. On average, the percentage of new home sale price being financed saw a 2.0 percentage point rise from a year earlier. It went from 96.6% in January 2012 to 97.2% in January 2013.
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 home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
For all new homes sold, the average unit size fell 20.9% year-over-year to 1,645 square feet in February 2013. For newly sold homes, an average size fall contrasting with an average price rise was also seen in January 2013 when the average size of newly sold homes sank 55.8% to 1,014 square feet.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Together, foreclosures plus REO closings accounted for 44.2% of existing home closings. They made up 53.4% in February 2012. The percentage of existing home closings involving foreclosures declined to 20.9% in February from 24.8% a year earlier while REO closings as a percentage of existing home closings slipped to 23.3% from 28.6% a year earlier.
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Source: Housing Intelligence