Iowa City, IA - Freshest New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 07, 2012 09:18:00 AM
In the Iowa City, IA market in February, sales of new homes dropped year-over-year, falling after a rise in January 2012. New home sales moved from 19 a year earlier to six after the figure moved from 12 in January 2011 to 19 in January 2012.
A total of 390 new homes were sold during the 12 months that ended in February, down from 403 for the year that ended in January.
On a percentage basis, new home sales as a part of total sales decreased to 6.7% from 18.8% a year earlier. Sales of new and existing homes declined year-over-year in February after also falling in January year-over-year.
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Pricing and Mortgage Trends
The average per-unit price of new homes was $139,604 in February 2012, moving south from $219,684 a year earlier. This came after a 13.9% lift in January year-over-year.
There was a decline in average mortgage size on new homes, going from $182,577 last year to $124,829 in February 2012. Average mortgage size on new homes went from $203,541 in January 2011 to $214,553 in January 2012. Of the overall sale price, the percentage that was being financed rose 6.3 percentage points year-over-year to 89.4% in February 2012. In January 2012, there was a 7.0 percentage point decline in January from a year earlier.
Iowa City, IA - Freshest New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 07, 2012 09:18:00 AM
In the Iowa City, IA market in February, sales of new homes dropped year-over-year, falling after a rise in January 2012. New home sales moved from 19 a year earlier to six after the figure moved from 12 in January 2011 to 19 in January 2012.
A total of 390 new homes were sold during the 12 months that ended in February, down from 403 for the year that ended in January.
On a percentage basis, new home sales as a part of total sales decreased to 6.7% from 18.8% a year earlier. Sales of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $139,604 in February 2012, moving south from $219,684 a year earlier. This came after a 13.9% lift in January year-over-year.
There was a decline in average mortgage size on new homes, going from $182,577 last year to $124,829 in February 2012. Average mortgage size on new homes went from $203,541 in January 2011 to $214,553 in January 2012. Of the overall sale price, the percentage that was being financed rose 6.3 percentage points year-over-year to 89.4% in February 2012. In January 2012, there was a 7.0 percentage point decline in January from a year earlier.
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 16 of 19 sales to five of six sales.
The average unit size of newly sold homes fell from 1,759 square feet a year earlier to 1,586 square feet.
Foreclosures and real estate owned (REO) sales continued to rise in February from a year earlier and remained a burden on the market. Combined, foreclosures plus REO sales represented 29.8% of existing home sales, above 15.9% a year earlier. The percentage of existing home sales involving foreclosures rose to 19.0% in February from 2.4% a year earlier while REO sales as a percentage of existing home sales declined to 10.7% from 13.4% a year earlier.
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Source: Housing Intelligence