New Home Closings and Prices in St. Louis Increase According to Latest Figures
Posted on: May 06, 2013 07:35:52 AM
New home closings in the St. Louis, MO market jumped year-over-year in February, moving upward off a decline in January 2013. New home closings climbed by 30.9% in February 2013 from a year earlier, after closings saw a 1.7% decline in January from the year earlier.
A total of 2,055 new homes were sold during the 12 months that ended in February, up from 2,021 for the year that ended in January.
Out of all housing closings, new home closings made up 4.3%. This is a rise from 3.0% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes dipped year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 8.9% in February to $270,717 per unit. This rise follows a move from $269,130 per unit in January 2012 to $271,655 in January 2013.
Average mortgage size on new homes rose year-over-year along with new home prices. It increased 8.9% in February from a year earlier to $228,062. Average mortgage size fell 4.8% in January 2013 from a year earlier. The overall percentage of sale price that was being financed was relatively unchanged from February 2012 to February 2013 at 84.2%. In January, the figure saw a 5.0 percentage point decline from a year earlier.
New Home Closings and Prices in St. Louis Increase According to Latest Figures
Posted on: May 06, 2013 07:35:52 AM
New home closings in the St. Louis, MO market jumped year-over-year in February, moving upward off a decline in January 2013. New home closings climbed by 30.9% in February 2013 from a year earlier, after closings saw a 1.7% decline in January from the year earlier.
A total of 2,055 new homes were sold during the 12 months that ended in February, up from 2,021 for the year that ended in January.
Out of all housing closings, new home closings made up 4.3%. This is a rise from 3.0% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes dipped year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 8.9% in February to $270,717 per unit. This rise follows a move from $269,130 per unit in January 2012 to $271,655 in January 2013.
Average mortgage size on new homes rose year-over-year along with new home prices. It increased 8.9% in February from a year earlier to $228,062. Average mortgage size fell 4.8% in January 2013 from a year earlier. The overall percentage of sale price that was being financed was relatively unchanged from February 2012 to February 2013 at 84.2%. In January, the figure saw a 5.0 percentage point decline from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes rose from 91.8% in February 2012 to 95.8% of closings in February 2013. At the same time, the share of new home closings belonging to attached units sank to 4.2% of closings from 8.2% of closings.
The average unit size of newly sold homes slid 16.1% year-over-year to 1,628 square feet in February 2013. For newly sold homes, an average size decline contrasting with an average price rise was also seen in January 2013 when the average size of newly sold homes dropped 11.6% to 1,906 square feet.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Combined, foreclosures plus REO closings represented 43.5% of existing home closings. They made up 47.1% in February 2012. The percentage of existing home closings involving foreclosures slipped to 17.3% in February from 22.5% a year earlier while REO closings as a percentage of existing home closings rose to 26.2% from 24.6%.
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Source: Housing Intelligence