St. Joseph, MO - Freshest Figures for New Home Sales Suggest Market Decrease is Subsiding
Posted on: May 07, 2012 09:49:48 AM
Sales of new homes declined year-over-year in February in the St. Joseph, MO market, but the decline was less than the year-over-year decline in January. New home sales moved from four a year earlier to two after the figure moved from three in January 2011 to one in January 2012.
A total of 41 new homes were sold during the 12 months that ended in February, down from 43 for the year that ended in January.
Last year, four of 111 total sales were new homes, and this percentage saw a decline as new home sales this year made up two of the 153 total sales. Sales of new and existing homes rose year-over-year in February following a decline in January year-over-year.
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Pricing and Mortgage Trends
The average per-unit price of new homes was $255,688, compared with $262,893 last year. This followed a 3.1% decline in January from a year earlier.
Average mortgage size on new homes fell from $235,578 to $204,550. Average mortgage size on new homes went from $163,400 in January 2011 to $145,000 in January 2012. For new home sales, the percentage of the sale price that was being financed fell 9.6 percentage points year-over-year to 80.0% in February 2012.
St. Joseph, MO - Freshest Figures for New Home Sales Suggest Market Decrease is Subsiding
Posted on: May 07, 2012 09:49:48 AM
Sales of new homes declined year-over-year in February in the St. Joseph, MO market, but the decline was less than the year-over-year decline in January. New home sales moved from four a year earlier to two after the figure moved from three in January 2011 to one in January 2012.
A total of 41 new homes were sold during the 12 months that ended in February, down from 43 for the year that ended in January.
Last year, four of 111 total sales were new homes, and this percentage saw a decline as new home sales this year made up two of the 153 total sales. Sales of new and existing homes rose year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $255,688, compared with $262,893 last year. This followed a 3.1% decline in January from a year earlier.
Average mortgage size on new homes fell from $235,578 to $204,550. Average mortgage size on new homes went from $163,400 in January 2011 to $145,000 in January 2012. For new home sales, the percentage of the sale price that was being financed fell 9.6 percentage points year-over-year to 80.0% in February 2012.
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 homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales accounted for 43.7% of existing home sales. In February 2011, they made up 44.9%. The percentage of existing home sales involving foreclosures rose to 27.8% in February from 17.8% a year earlier while REO sales as a percentage of existing home sales sank to 15.9% from 27.1% a year earlier.
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Source: Housing Intelligence