Cedar Rapids, IA - Newest New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 06, 2012 09:18:23 AM
New home sales dropped year-over-year in February in the Cedar Rapids, IA market, sliding down after a rise in January 2012. New home sales saw a 46.7% drop from a year earlier to 24. This came on the heels of a 3.1% rise year-over-year in January.
A total of 561 new homes were sold during the 12 months that ended in February, down from 582 for the year that ended in January.
A year earlier, new home sales accounted for 14.4% of overall housing sales and the percentage declined to 11.0% of sales in February 2012. For new and existing homes, sales sank in February after also declining in January year-over-year.
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Pricing and Mortgage Trends
The average price of newly sold homes rose year-over-year 11.3% in February to $228,042 per unit. This surge is smaller than the 23.9% hike in January year-over-year.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. The average mortgage size saw a 14.9% gain year-over-year to $202,771 in February. Average mortgage size jumped 22.9% in January 2012 from a year earlier. For new home sales, the average percentage of the price being financed increased 2.7 percentage points from a year earlier. It went from 85.6% in January 2011 to 85.0% in January 2012.
Cedar Rapids, IA - Newest New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 06, 2012 09:18:23 AM
New home sales dropped year-over-year in February in the Cedar Rapids, IA market, sliding down after a rise in January 2012. New home sales saw a 46.7% drop from a year earlier to 24. This came on the heels of a 3.1% rise year-over-year in January.
A total of 561 new homes were sold during the 12 months that ended in February, down from 582 for the year that ended in January.
A year earlier, new home sales accounted for 14.4% of overall housing sales and the percentage declined to 11.0% of sales in February 2012. For new and existing homes, sales sank in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes rose year-over-year 11.3% in February to $228,042 per unit. This surge is smaller than the 23.9% hike in January year-over-year.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. The average mortgage size saw a 14.9% gain year-over-year to $202,771 in February. Average mortgage size jumped 22.9% in January 2012 from a year earlier. For new home sales, the average percentage of the price being financed increased 2.7 percentage points from a year earlier. It went from 85.6% in January 2011 to 85.0% in January 2012.
Other Market Trends
Sales of attached units, as a percentage of new home sales, have gained from last year while sales of single-family homes have fallen. Attached unit sales gained from 2.2% of all sales in February 2011 to 8.3% of sales in February 2012. Meanwhile, single-family home sales as a percentage of all new home sales fell to 91.7% of sales from 97.8% of sales.
The average unit size of newly sold homes rose 8.8% year-over-year to 1,843 square feet in February 2012. In January, the average size of new homes sold went from 1,904 square feet a year earlier to 1,489 square feet.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 30.8% of sales. In February 2011, they represented 26.1%. The percentage of existing home sales involving foreclosures rose to 20.5% in February from 9.7% a year earlier while REO sales as a percentage of existing home sales slipped to 10.3% from 16.4% a year earlier.
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Source: Housing Intelligence