Duluth, MN - Freshest New Home Sales Increase Year-Over-Year in January After Falling Year-Over-Year in December
Posted on: May 06, 2012 09:24:27 AM
There was a rise in new home sales in the Duluth, MN market in January year-over-year, rebounding from a year-over-year decline in December 2011. New home sales moved from two a year earlier to five after the figure moved from four in December 2010 to three in December 2011.
A total of 59 new homes were sold during the 12 months that ended in January, up from 56 for the year that ended in December.
New home sales were five out of 249 total sales, making up 2.0%. This is up on a percentage basis from two of 280 a year earlier. For new and existing homes, sales slid in January after also declining in December year-over-year.
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The average value of new homes sold in January 2012 declined to $138,500 from the year-earlier figure of $531,126. This was on the heels of a more than twofold lift in December year-over-year.
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 one of two last year. Meanwhile, attached units made up no part of new home sales after making up one of two sales a year earlier.
Duluth, MN - Freshest New Home Sales Increase Year-Over-Year in January After Falling Year-Over-Year in December
Posted on: May 06, 2012 09:24:27 AM
There was a rise in new home sales in the Duluth, MN market in January year-over-year, rebounding from a year-over-year decline in December 2011. New home sales moved from two a year earlier to five after the figure moved from four in December 2010 to three in December 2011.
A total of 59 new homes were sold during the 12 months that ended in January, up from 56 for the year that ended in December.
New home sales were five out of 249 total sales, making up 2.0%. This is up on a percentage basis from two of 280 a year earlier. For new and existing homes, sales slid in January after also declining in December year-over-year.
The average value of new homes sold in January 2012 declined to $138,500 from the year-earlier figure of $531,126. This was on the heels of a more than twofold lift in December year-over-year.
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 one of two last year. Meanwhile, attached units made up no part of new home sales after making up one of two sales a year earlier.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales made up 52.9% of existing home sales. In January 2011, they represented 51.8%. The percentage of existing home sales involving foreclosures rose to 35.7% in January from 24.8% a year earlier while REO sales as a percentage of existing home sales slipped to 17.2% from 27.0% a year earlier.
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Source: Housing Intelligence