Mankato, MN - Recent New Home Sales Numbers Give Hints Market Fall is Deepening
Posted on: May 07, 2012 09:27:00 AM
In the Mankato, MN market in January, new home sales slid year-over-year, and the decline was by a larger percentage than the December 2011. New home sales moved from four a year earlier to one after the figure moved from 14 in December 2010 to five in December 2011.
A total of 82 new homes were sold during the 12 months that ended in January, down from 85 for the year that ended in December.
Out of 45 total sales, one were of new homes, which makes up a smaller percentage than the four out of 64 total sales last year. Sales of new and existing homes declined year-over-year in January after also falling in December year-over-year.
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The average per-unit price of new homes was $274,781 in January 2012, up from $185,475 a year ago. This came after a 50.9% drop in December from a year earlier.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in January 2012. Single-family homes continued to account for all of new home sales.
Mankato, MN - Recent New Home Sales Numbers Give Hints Market Fall is Deepening
Posted on: May 07, 2012 09:27:00 AM
In the Mankato, MN market in January, new home sales slid year-over-year, and the decline was by a larger percentage than the December 2011. New home sales moved from four a year earlier to one after the figure moved from 14 in December 2010 to five in December 2011.
A total of 82 new homes were sold during the 12 months that ended in January, down from 85 for the year that ended in December.
Out of 45 total sales, one were of new homes, which makes up a smaller percentage than the four out of 64 total sales last year. Sales of new and existing homes declined year-over-year in January after also falling in December year-over-year.
The average per-unit price of new homes was $274,781 in January 2012, up from $185,475 a year ago. This came after a 50.9% drop in December from a year earlier.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in January 2012. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Out of all existing home sales, foreclosures combined with REO sales represented 25.0% of sales. They accounted for 26.7% in January 2011. The percentage of existing home sales involving foreclosures stayed at no part of sales in January from a year earlier while REO sales as a percentage of existing home sales slipped to 25.0% from 26.7% a year earlier.
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Source: Housing Intelligence