Grand Forks, ND - Latest New home Sales Swing Down
Posted on: May 07, 2012 09:13:08 AM
The Grand Forks, ND market saw a drop in new home sales year-over-year in February, declining after staying relatively stable in January from the year earlier. Sales stood at one in February after being seven a year earlier and the figure was unchanged at three in January from a year earlier.
A total of 65 new homes were sold during the 12 months that ended in February, down from 71 for the year that ended in January.
On a percentage basis, new home sales as a part of total sales decreased to 1.6% from 11.3% a year earlier. After dropping in January from a year earlier, sales of new and existing homes increased year-over-year in February.
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Pricing and Mortgage Trends
The average new home price was $306,250, up from $255,683 a year earlier. This followed a 23.8% hike in January year-over-year.
Average mortgage size on new homes went from $213,839 a year earlier to $245,000. Average mortgage size on new homes went from $256,473 in January 2011 to $317,600 in January 2012. The overall percentage of sale price that was being financed dipped 3.6 percentage points year-over-year to 80.0% in February 2012. This comes after the figure remained relatively unchanged at 80.0% in January 2012.
Grand Forks, ND - Latest New home Sales Swing Down
Posted on: May 07, 2012 09:13:08 AM
The Grand Forks, ND market saw a drop in new home sales year-over-year in February, declining after staying relatively stable in January from the year earlier. Sales stood at one in February after being seven a year earlier and the figure was unchanged at three in January from a year earlier.
A total of 65 new homes were sold during the 12 months that ended in February, down from 71 for the year that ended in January.
On a percentage basis, new home sales as a part of total sales decreased to 1.6% from 11.3% a year earlier. After dropping in January from a year earlier, sales of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $306,250, up from $255,683 a year earlier. This followed a 23.8% hike in January year-over-year.
Average mortgage size on new homes went from $213,839 a year earlier to $245,000. Average mortgage size on new homes went from $256,473 in January 2011 to $317,600 in January 2012. The overall percentage of sale price that was being financed dipped 3.6 percentage points year-over-year to 80.0% in February 2012. This comes after the figure remained relatively unchanged at 80.0% in January 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales did not appear to be dragging the market. Combined, foreclosures plus REO sales accounted for 11.1% of existing home sales. In February 2011, they made up 14.5%. The percentage of existing home sales involving foreclosures declined to 4.8% in February from 9.1% a year earlier and REO sales moved from 5.5% of existing home sales in February 2011 to 6.3% in February 2012.
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Source: Housing Intelligence