Columbia, MO - Latest Figures for New Home Sales Fall Year-Over-Year in February After Climbing Year-Over-Year in January
Posted on: May 06, 2012 09:21:20 AM
Sales of new homes in the Columbia, MO market dipped year-over-year in February, sliding after a growth in January 2012. New home sales moved from 15 a year earlier to 14 after the figure moved from nine in January 2011 to 17 in January 2012.
A total of 254 new homes were sold during the 12 months that ended in February, down from 255 for the year that ended in January.
New home sales accounted for 14 of the 152 total sales, a smaller percentage compared with 15 of 143 sales a year earlier. For new and existing homes, sales rose year-over-year in February after also increasing in January year-over-year.
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Pricing and Mortgage Trends
The average new home price in February 2012 went up to $200,779 from $192,510 a year ago. This was on the heels of a 20.6% drop in January from a year earlier.
From the year-ago figure of $156,309, the average mortgage size on new homes moved up to $172,313. Average mortgage size on new homes went from $181,778 in January 2011 to $148,548 in January 2012. For new home sales, the percentage of the sale price that was being financed increased 4.6 percentage points year-over-year to 85.8% in February 2012.
Columbia, MO - Latest Figures for New Home Sales Fall Year-Over-Year in February After Climbing Year-Over-Year in January
Posted on: May 06, 2012 09:21:20 AM
Sales of new homes in the Columbia, MO market dipped year-over-year in February, sliding after a growth in January 2012. New home sales moved from 15 a year earlier to 14 after the figure moved from nine in January 2011 to 17 in January 2012.
A total of 254 new homes were sold during the 12 months that ended in February, down from 255 for the year that ended in January.
New home sales accounted for 14 of the 152 total sales, a smaller percentage compared with 15 of 143 sales a year earlier. For new and existing homes, sales rose year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average new home price in February 2012 went up to $200,779 from $192,510 a year ago. This was on the heels of a 20.6% drop in January from a year earlier.
From the year-ago figure of $156,309, the average mortgage size on new homes moved up to $172,313. Average mortgage size on new homes went from $181,778 in January 2011 to $148,548 in January 2012. For new home sales, the percentage of the sale price that was being financed increased 4.6 percentage points year-over-year to 85.8% in February 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 14 of 15 last year. Meanwhile, attached units made up no part of new home sales after making up one of 15 sales a year earlier.
Foreclosures and real estate owned (REO) sales continued to drop from a year earlier in February, but did not appear to be dragging the market. Combined, foreclosures plus REO sales represented 19.6% of existing home sales, below 32.8% a year earlier. The percentage of existing home sales involving foreclosures declined to 7.2% in February from 9.4% a year earlier while REO sales as a percentage of existing home sales slid to 12.3% from 23.4% a year earlier.
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Source: Housing Intelligence