Davenport, IA - Latest New Home Sales Numbers Suggest Market Drop is Slowing
Posted on: May 06, 2012 09:23:10 AM
The Davenport, IA market saw a drop in new home sales year-over-year in January, but the percentage decline was less than that of December 2011, hinting that the market may be strengthening. New home sales fell by 5.3% in January 2012 from a year earlier, after sales saw a 24.1% drop in December from the year earlier.
A total of 182 new homes were sold during the 12 months that ended in January, down from 183 for the year that ended in December.
Of the total number of sales, new home sales made up 5.8%. As a part of the whole, new home sales were 6.0% a year earlier. After rising year-over-year in December, sales of new and existing homes dipped year-over-year in January.
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Pricing and Mortgage Trends
For newly sold homes, the average price grew 11.9% year-over-year in January to $296,056 per unit. This surge is a reversal from a 7.7% decline in December from a year earlier.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. In January 2012, average mortgage size increased 18.3% from a year earlier to $252,881. In December 2011, average mortgage size on newly sold homes saw an 8.0% decline from a year earlier. From a year earlier, the percentage of new home sale price being financed saw a 4.6 percentage point rise. It moved from 79.2% in December 2010 to 79.0% in January 2011.
Davenport, IA - Latest New Home Sales Numbers Suggest Market Drop is Slowing
Posted on: May 06, 2012 09:23:10 AM
The Davenport, IA market saw a drop in new home sales year-over-year in January, but the percentage decline was less than that of December 2011, hinting that the market may be strengthening. New home sales fell by 5.3% in January 2012 from a year earlier, after sales saw a 24.1% drop in December from the year earlier.
A total of 182 new homes were sold during the 12 months that ended in January, down from 183 for the year that ended in December.
Of the total number of sales, new home sales made up 5.8%. As a part of the whole, new home sales were 6.0% a year earlier. After rising year-over-year in December, sales of new and existing homes dipped year-over-year in January.
Pricing and Mortgage Trends
For newly sold homes, the average price grew 11.9% year-over-year in January to $296,056 per unit. This surge is a reversal from a 7.7% decline in December from a year earlier.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. In January 2012, average mortgage size increased 18.3% from a year earlier to $252,881. In December 2011, average mortgage size on newly sold homes saw an 8.0% decline from a year earlier. From a year earlier, the percentage of new home sale price being financed saw a 4.6 percentage point rise. It moved from 79.2% in December 2010 to 79.0% in January 2011.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in January 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 stayed steady in January from a year earlier, but remained a burden on the market. Combined, foreclosures plue REO sales made up 42.3% of existing home sales, relatively unchanged from a year earlier. The percentage of existing home sales involving foreclosures rose to 23.4% in January from 17.6% a year earlier while REO sales as a percentage of existing home sales slipped to 18.9% from 24.7% a year earlier.
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Source: Housing Intelligence