Joplin, MO - Newest New Home Sales Numbers Suggest Market Rise Strengthening.
Posted on: May 07, 2012 09:19:50 AM
In the Joplin, MO market in January, new home sales rose year-over-year, and the increase was greater than December 2011. New home sales moved from three a year earlier to seven after the figure moved from eight in December 2010 to 15 in December 2011.
A total of 82 new homes were sold during the 12 months that ended in January, up from 78 for the year that ended in December.
Seven of the 266 total sales were new home sales, a shift on a percentage basis from three out of 103 a year earlier. For new and existing homes, sales increased year-over-year in January after also increasing in December year-over-year.
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Pricing and Mortgage Trends
The average new home price was $168,557, down from $246,879 a year earlier. This came after a 7.2% decline in December from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $254,195 to $134,829. Average mortgage size on new homes went from $194,978 in December 2010 to $151,916 in December 2011.
Joplin, MO - Newest New Home Sales Numbers Suggest Market Rise Strengthening.
Posted on: May 07, 2012 09:19:50 AM
In the Joplin, MO market in January, new home sales rose year-over-year, and the increase was greater than December 2011. New home sales moved from three a year earlier to seven after the figure moved from eight in December 2010 to 15 in December 2011.
A total of 82 new homes were sold during the 12 months that ended in January, up from 78 for the year that ended in December.
Seven of the 266 total sales were new home sales, a shift on a percentage basis from three out of 103 a year earlier. For new and existing homes, sales increased year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $168,557, down from $246,879 a year earlier. This came after a 7.2% decline in December from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $254,195 to $134,829. Average mortgage size on new homes went from $194,978 in December 2010 to $151,916 in December 2011.
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 six of seven new home sales after accounting for two of three a year earlier. Meanwhile, attached units made up one of seven new home sales after making up one of three sales a year earlier.
Foreclosures and real estate owned (REO) sales continued to fall from a year earlier in January, but did not look to be a burden on the market. Foreclosures and REO sales, taken together, represented 16.2% of existing sales, lower than 42.0% a year earlier. The percentage of existing home sales involving foreclosures declined to 8.9% in January from 24.0% a year earlier while REO sales as a percentage of existing home sales slid to 7.3% from 18.0% a year earlier.
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Source: Housing Intelligence