Bismarck, ND - Newest New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 06, 2012 09:15:46 AM
In February, the Bismarck, ND market saw a decline year-over-year in new home sales, a downhill move after a rise in January 2012. Sales fell 12.0% from a year earlier to 22, compared with a 4.2% rise in January from the year earlier.
A total of 396 new homes were sold during the 12 months that ended in February, down from 399 for the year that ended in January.
Out of all housing sales, new home sales made up 15.3%, down from the 23.4% of sales a year earlier. Following a year-over-year increase in January, sales of new and existing homes also increased year-over-year in February.
Advertisement
Pricing and Mortgage Trends
Average price of newly sold homes saw an 18.9% rise year-over-year in February to $234,276 per unit. This surge is better than the 5.9% rise in January year-over-year.
For newly sold homes, the average mortgage size slid year-over-year in contrast to average price of new homes. Average mortgage size fell by 12.4% from a year earlier, settling at $146,151 in February. Average mortgage size increased 5.5% in January 2012 from a year earlier. On average, the percentage of new home sale price that was being financed declined 22.3 percentage points from a year earlier. It moved from 94.9% in January 2011 to 94.6% in January 2012.
Bismarck, ND - Newest New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 06, 2012 09:15:46 AM
In February, the Bismarck, ND market saw a decline year-over-year in new home sales, a downhill move after a rise in January 2012. Sales fell 12.0% from a year earlier to 22, compared with a 4.2% rise in January from the year earlier.
A total of 396 new homes were sold during the 12 months that ended in February, down from 399 for the year that ended in January.
Out of all housing sales, new home sales made up 15.3%, down from the 23.4% of sales a year earlier. Following a year-over-year increase in January, sales of new and existing homes also increased year-over-year in February.
Pricing and Mortgage Trends
Average price of newly sold homes saw an 18.9% rise year-over-year in February to $234,276 per unit. This surge is better than the 5.9% rise in January year-over-year.
For newly sold homes, the average mortgage size slid year-over-year in contrast to average price of new homes. Average mortgage size fell by 12.4% from a year earlier, settling at $146,151 in February. Average mortgage size increased 5.5% in January 2012 from a year earlier. On average, the percentage of new home sale price that was being financed declined 22.3 percentage points from a year earlier. It moved from 94.9% in January 2011 to 94.6% in January 2012.
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 2012. Single-family home sales have made up all of new home sales while attached unit sales have represented no part of sales.
Foreclosures and real estate owned (REO) sales remaining level in February from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO sales made up 9.0% of existing home sales, about the same as a year earlier. The percentage of existing home sales involving foreclosures rose to 6.6% in February from 1.2% a year earlier while REO sales as a percentage of existing home sales declined to 2.5% from 8.5% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence