Des Moines, IA - Latest New Home Sales Numbers Give Hints Market Gain Building
Posted on: May 06, 2012 09:23:44 AM
In the Des Moines, IA market, new home sales increased year-over-year in January, and there were signs that the market may be gaining momentum as the percentage surge proved better than December 2011. Sales climbed 65.9% from a year earlier to 73, relative to a 22.1% boost in December from the year earlier.
A total of 1,108 new homes were sold during the 12 months that ended in January, up from 1,079 for the year that ended in December.
Out of all housing sales, new home sales made up 10.8%. This is up from the 7.7% of sales a year earlier. For new and existing homes, sales grew year-over-year in January after also increasing in December year-over-year.
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Pricing and Mortgage Trends
The average price of newly sold homes climbed year-over-year 15.9% in January to $222,123 per unit. This gain is higher than the 7.9% rise in December year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In January 2012, average mortgage size rose 2.9% from a year earlier to $187,462. Average mortgage size went from $201,278 in December 2010 to $199,551 in December 2011. Of the overall sale price, the percentage that was being financed declined 10.7 percentage points year-over-year to 84.4% in January 2012.
Des Moines, IA - Latest New Home Sales Numbers Give Hints Market Gain Building
Posted on: May 06, 2012 09:23:44 AM
In the Des Moines, IA market, new home sales increased year-over-year in January, and there were signs that the market may be gaining momentum as the percentage surge proved better than December 2011. Sales climbed 65.9% from a year earlier to 73, relative to a 22.1% boost in December from the year earlier.
A total of 1,108 new homes were sold during the 12 months that ended in January, up from 1,079 for the year that ended in December.
Out of all housing sales, new home sales made up 10.8%. This is up from the 7.7% of sales a year earlier. For new and existing homes, sales grew year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes climbed year-over-year 15.9% in January to $222,123 per unit. This gain is higher than the 7.9% rise in December year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In January 2012, average mortgage size rose 2.9% from a year earlier to $187,462. Average mortgage size went from $201,278 in December 2010 to $199,551 in December 2011. Of the overall sale price, the percentage that was being financed declined 10.7 percentage points year-over-year to 84.4% in January 2012.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home sales have moved from 90.9% of new home sales to 90.4% of sales while attached units have gone from 9.1% of sales to 9.6% of sales.
There was a move in the average unit size of newly sold homes from 1,857 square feet in January 2011 to 1,851 square feet in January 2012. The average size of newly sold homes moved from 1,787 square feet in December 2010 to 1,773 square feet in December 2011.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Combined, foreclosures plus REO sales represented 46.8% of existing home sales. In January 2011, they accounted for 51.8%. The percentage of existing home sales involving foreclosures dipped to 22.8% in January from 27.1% a year earlier and REO sales moved from 24.7% of existing home sales in January 2011 to 24.0% in January 2012.
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Source: Housing Intelligence