Freshest Figures Show New Home Prices Gain, Sales Drop in Salem
Posted on: May 06, 2013 07:31:58 AM
New home closings in the Salem, OR market slid year-over-year in February, and the decline was by a larger percentage than the January 2013. New home closings moved from 13 a year earlier to eight after the figure moved from 14 in January 2012 to nine in January 2013.
A total of 151 new homes were sold during the 12 months that ended in February, down from 156 for the year that ended in January.
New home closings were eight of the 278 total closings, down on a percentage basis from 13 of 307 a year earlier. Following a year-over-year decline in January, closings of new and existing homes also fell year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $239,234 in February 2013, up from $234,510 a year ago. This followed a 3.9% decline in January from a year earlier.
From the year-ago figure of $204,357, the average mortgage size on new homes moved up to $206,694. Average mortgage size on new homes went from $163,893 in January 2012 to $182,607 in January 2013. On aveage, the percentage of new home sale price that was being financed went from 87.1% of average price to 86.4% from a year earlier. In January 2013, the figure saw a 12.5 percentage point bump from the year earlier.
Freshest Figures Show New Home Prices Gain, Sales Drop in Salem
Posted on: May 06, 2013 07:31:58 AM
New home closings in the Salem, OR market slid year-over-year in February, and the decline was by a larger percentage than the January 2013. New home closings moved from 13 a year earlier to eight after the figure moved from 14 in January 2012 to nine in January 2013.
A total of 151 new homes were sold during the 12 months that ended in February, down from 156 for the year that ended in January.
New home closings were eight of the 278 total closings, down on a percentage basis from 13 of 307 a year earlier. Following a year-over-year decline in January, closings of new and existing homes also fell year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $239,234 in February 2013, up from $234,510 a year ago. This followed a 3.9% decline in January from a year earlier.
From the year-ago figure of $204,357, the average mortgage size on new homes moved up to $206,694. Average mortgage size on new homes went from $163,893 in January 2012 to $182,607 in January 2013. On aveage, the percentage of new home sale price that was being financed went from 87.1% of average price to 86.4% from a year earlier. In January 2013, the figure saw a 12.5 percentage point bump from the 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 declined in February from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 31.9% of closings, below 57.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.4% in February from 20.7% a year earlier while REO closings as a percentage of existing home closings fell to 24.4% from 37.1% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Salem, OR area.
Source: Housing Intelligence