Salem, OR - Freshest New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 07, 2012 09:41:50 AM
In the Salem, OR market, new home sales dropped year-over-year in February, dropping after a year-over-year increase in January 2012. New home sales moved from 18 a year earlier to 13 after the figure moved from 13 in January 2011 to 14 in January 2012.
A total of 195 new homes were sold during the 12 months that ended in February, down from 200 for the year that ended in January.
New home sales accounted for 13 of the 297 total sales, a smaller percentage compared with 18 of 278 sales a year earlier. Following a decline in January year-over-year, sales of new and existing homes increased year-over-year in February.
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Pricing and Mortgage Trends
The average new home price was $234,510 in February 2012, down from $263,559 a year earlier. This was on the heels of a 12.4% lift in January year-over-year.
The average mortgage size moved to $204,357, down from last year's $217,654. Average mortgage size on new homes went from $226,033 in January 2011 to $163,893 in January 2012.
Salem, OR - Freshest New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 07, 2012 09:41:50 AM
In the Salem, OR market, new home sales dropped year-over-year in February, dropping after a year-over-year increase in January 2012. New home sales moved from 18 a year earlier to 13 after the figure moved from 13 in January 2011 to 14 in January 2012.
A total of 195 new homes were sold during the 12 months that ended in February, down from 200 for the year that ended in January.
New home sales accounted for 13 of the 297 total sales, a smaller percentage compared with 18 of 278 sales a year earlier. Following a decline in January year-over-year, sales of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $234,510 in February 2012, down from $263,559 a year earlier. This was on the heels of a 12.4% lift in January year-over-year.
The average mortgage size moved to $204,357, down from last year's $217,654. Average mortgage size on new homes went from $226,033 in January 2011 to $163,893 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 17 of 18 last year. Meanwhile, attached units made up no part of new home sales after making up one of 18 sales a year earlier.
The average unit size of newly sold homes fell from 2,625 square feet a year earlier to 1,686 square feet.
Foreclosures and real estate owned (REO) sales stayed steady in February from a year earlier, but remained a burden on the market. Together, foreclosures plus REO sales represented 57.4% of existing home sales, about the same as a year earlier. The percentage of existing home sales involving foreclosures declined to 21.1% in February from 22.3% a year earlier while REO sales as a percentage of existing home sales rose to 36.3% from 35.0%.
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Source: Housing Intelligence