Wichita, KS - Freshest New Home Sales Decline Year-Over-Year in January After Rising Year-Over-Year in December
Posted on: May 07, 2012 09:57:23 AM
In the Wichita, KS market in January, sales of new homes fell year-over-year, moving downward after a rise in December 2011. New home sales declined by 25.0% in January 2012 from a year earlier, after sales saw a 5.8% rise in December from the year earlier.
A total of 579 new homes were sold during the 12 months that ended in January, down from 589 for the year that ended in December.
As a percentage of overall housing sales, new home sales accounted for 5.3% of overall housing sales. A year earlier, new home sales represented 6.1% of total sales. Sales of new and existing homes dropped year-over-year in January after also falling in December year-over-year.
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Pricing and Mortgage Trends
The average price of new homes increased year-over-year in January to $238,647 per unit, a rise of 3.6%. This rise follows a move from $221,290 per unit to $219,995 from January 2010 to December 2011.
The average mortgage size on newly sold homes declined year-over-year in contrast to the average price of new homes. In January 2012, the average mortgage size on newly sold homes saw a 2.5% decline from a year earlier. Average mortgage size fell 1.1% in December 2011 from a year earlier. On average, the percentage of new home sale price that was being financed dipped 5.0 percentage points from a year earlier. It went from 86.0% in December 2010 to 85.6% in December 2011.
Wichita, KS - Freshest New Home Sales Decline Year-Over-Year in January After Rising Year-Over-Year in December
Posted on: May 07, 2012 09:57:23 AM
In the Wichita, KS market in January, sales of new homes fell year-over-year, moving downward after a rise in December 2011. New home sales declined by 25.0% in January 2012 from a year earlier, after sales saw a 5.8% rise in December from the year earlier.
A total of 579 new homes were sold during the 12 months that ended in January, down from 589 for the year that ended in December.
As a percentage of overall housing sales, new home sales accounted for 5.3% of overall housing sales. A year earlier, new home sales represented 6.1% of total sales. Sales of new and existing homes dropped year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year in January to $238,647 per unit, a rise of 3.6%. This rise follows a move from $221,290 per unit to $219,995 from January 2010 to December 2011.
The average mortgage size on newly sold homes declined year-over-year in contrast to the average price of new homes. In January 2012, the average mortgage size on newly sold homes saw a 2.5% decline from a year earlier. Average mortgage size fell 1.1% in December 2011 from a year earlier. On average, the percentage of new home sale price that was being financed dipped 5.0 percentage points from a year earlier. It went from 86.0% in December 2010 to 85.6% in December 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 January 2012. Single-family home sales have made up all of new home sales while attached unit sales have represented no part of sales.
For all new homes sold, the average unit size sank 45.7% year-over-year to 2,127 square feet in January 2012. In December, the average size of new homes sold went from 1,477 square feet a year earlier to 2,380 square feet.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Combined, foreclosures plus REO sales made up 26.1% of existing home sales. In January 2011, they represented 36.0%. The percentage of existing home sales involving foreclosures fell to 5.4% in January from 17.8% a year earlier while REO sales as a percentage of existing home sales rose to 20.7% from 18.3%.
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Source: Housing Intelligence