Springfield, MO - Latest New Home Sales Numbers Suggest Market Decrease is Deepening
Posted on: May 07, 2012 09:48:54 AM
In the Springfield, MO market, sales of new homes fell year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from 25 a year earlier to 18 after the figure moved from 16 in January 2011 to 14 in January 2012.
A total of 362 new homes were sold during the 12 months that ended in February, down from 369 for the year that ended in January.
As a percentage of overall housing sales, new home sales accounted for 3.1%. This is less than the 5.7% of sales a year earlier. Sales of new and existing homes jumped year-over-year in February following a decline in January year-over-year.
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Pricing and Mortgage Trends
In February, the average price of newly sold homes dipped 6.8% year-over-year to $158,586 per unit. This is a downward shift from a 38.1% rise in January year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. Average mortgage size fell 4.2% to $138,453 in February from a year earlier. Average mortgage size on new homes went from $152,138 in January 2011 to $208,339 in January 2012. On average, the percentage of new home sale price being financed saw a 2.3 percentage point rise from a year earlier. It moved from 83.8% in January 2011 to 83.1% in February 2011.
Springfield, MO - Latest New Home Sales Numbers Suggest Market Decrease is Deepening
Posted on: May 07, 2012 09:48:54 AM
In the Springfield, MO market, sales of new homes fell year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from 25 a year earlier to 18 after the figure moved from 16 in January 2011 to 14 in January 2012.
A total of 362 new homes were sold during the 12 months that ended in February, down from 369 for the year that ended in January.
As a percentage of overall housing sales, new home sales accounted for 3.1%. This is less than the 5.7% of sales a year earlier. Sales of new and existing homes jumped year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
In February, the average price of newly sold homes dipped 6.8% year-over-year to $158,586 per unit. This is a downward shift from a 38.1% rise in January year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. Average mortgage size fell 4.2% to $138,453 in February from a year earlier. Average mortgage size on new homes went from $152,138 in January 2011 to $208,339 in January 2012. On average, the percentage of new home sale price being financed saw a 2.3 percentage point rise from a year earlier. It moved from 83.8% in January 2011 to 83.1% in February 2011.
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 home sales have made up all of new home sales while attached unit sales have accounted for no part of sales.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Together, foreclosures plus REO sales made up 35.7% of existing home sales. In February 2011, they represented 43.6%. The percentage of existing home sales involving foreclosures declined to 17.5% in February from 20.1% a year earlier while REO sales as a percentage of existing home sales dipped to 18.2% from 23.5% a year earlier.
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Source: Housing Intelligence