Freshest Numbers Show Prices of New Homes Gain in St. Joseph, Sales Decline
Posted on: May 06, 2013 07:35:43 AM
The St. Joseph, MO market saw a drop in new home closings year-over-year in February, dropping after staying level in January. Closings stood at one in February after being two a year earlier and remaining unchanged at one in January from a year earlier.
A total of 23 new homes were sold during the 12 months that ended in February, down from 24 for the year that ended in January.
New home closings were one out of the 114 total closings, a move on a percentage basis from two of 131 a year earlier. For new and existing homes, closings declined in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $270,238 from last year's $255,688. This was on the heels of a 18.3% surge in January year-over-year.
Average mortgage size on new homes went from $204,550 a year earlier to $267,563. Average mortgage size on new homes went from $145,000 in January 2012 to $171,593 in January 2013. The overall percentage of sale price that was being financed climbed 19.0 percentage points year-over-year to 99.0% in February 2013. This comes after the figure remained relatively unchanged at 80.0% in January 2013.
Freshest Numbers Show Prices of New Homes Gain in St. Joseph, Sales Decline
Posted on: May 06, 2013 07:35:43 AM
The St. Joseph, MO market saw a drop in new home closings year-over-year in February, dropping after staying level in January. Closings stood at one in February after being two a year earlier and remaining unchanged at one in January from a year earlier.
A total of 23 new homes were sold during the 12 months that ended in February, down from 24 for the year that ended in January.
New home closings were one out of the 114 total closings, a move on a percentage basis from two of 131 a year earlier. For new and existing homes, closings declined in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $270,238 from last year's $255,688. This was on the heels of a 18.3% surge in January year-over-year.
Average mortgage size on new homes went from $204,550 a year earlier to $267,563. Average mortgage size on new homes went from $145,000 in January 2012 to $171,593 in January 2013. The overall percentage of sale price that was being financed climbed 19.0 percentage points year-over-year to 99.0% in February 2013. This comes after the figure remained relatively unchanged at 80.0% in January 2013.
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 2013. Single-family homes continued to account for all of new home closings.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Combined, foreclosures plus REO closings made up 44.2% of existing home closings. In February 2012, they accounted for 34.9%. The percentage of existing home closings involving foreclosures stayed at 19.4% of closings in February from a year earlier while REO closings as a percentage of existing home closings rose to 24.8% from 15.5%.
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Source: Housing Intelligence