Lincoln, NE - Newest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:24:19 AM
In the Lincoln, NE market, new home sales jumped year-over-year in February, recovering from a decline in January 2012. New home sales saw a jump of 50.0% from the year earlier to 27 after sales slid 23.3% in January from the year earlier.
A total of 406 new homes were sold during the 12 months that ended in February, up from 397 for the year that ended in January.
Of 329 total sales, 27 were of new homes. This marks a rise from 6.4% of total sales a year earlier. Sales of new and existing homes rose year-over-year in February after also rising in January year-over-year.
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Pricing and Mortgage Trends
In February, there was a 33.1% surge year-over-year in the average price of newly sold homes, reaching $229,593 per unit. This hike is an improvement over the 3.3% rise in January year-over-year.
The average mortgage size on newly sold homes climbed year-over-year along with the average price of new homes. In February 2012, the average mortgage size was $209,409, up 24.6% from a year earlier. In January 2012, average mortgage size slipped 5.1% from a year earlier. For new home sales, the percentage of the sale price that was being financed declined 6.3 percentage points year-over-year to 91.2% in February 2012.
Lincoln, NE - Newest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:24:19 AM
In the Lincoln, NE market, new home sales jumped year-over-year in February, recovering from a decline in January 2012. New home sales saw a jump of 50.0% from the year earlier to 27 after sales slid 23.3% in January from the year earlier.
A total of 406 new homes were sold during the 12 months that ended in February, up from 397 for the year that ended in January.
Of 329 total sales, 27 were of new homes. This marks a rise from 6.4% of total sales a year earlier. Sales of new and existing homes rose year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
In February, there was a 33.1% surge year-over-year in the average price of newly sold homes, reaching $229,593 per unit. This hike is an improvement over the 3.3% rise in January year-over-year.
The average mortgage size on newly sold homes climbed year-over-year along with the average price of new homes. In February 2012, the average mortgage size was $209,409, up 24.6% from a year earlier. In January 2012, average mortgage size slipped 5.1% from a year earlier. For new home sales, the percentage of the sale price that was being financed declined 6.3 percentage points year-over-year to 91.2% in February 2012.
Other Market Trends
As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. Single-family home sales gained from 72.2% of new sales in February 2011 to 85.2% of sales in February 2012. At the same time, the share of new home sales belonging to attached units sank to 14.8% of sales from 27.8% of sales.
There was a 22.9% fall year-over-year in the average unit size of newly sold homes to 1,475 square feet in February 2012. For newly sold homes, an average size drop contrasting with an average price rise was also seen in January 2012 when the average size of newly sold homes fell 17.6% to 1,889 square feet.
Foreclosures and real estate owned (REO) sales decreased in February from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO sales accounted for 25.8% of existing home sales, below 36.2% a year earlier. The percentage of existing home sales involving foreclosures fell to 9.3% in February from 18.9% a year earlier and REO sales moved from 17.4% of existing home sales in February 2011 to 16.6% in February 2012.
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Source: Housing Intelligence