Albany, GA - Recent New Home Sales Stay Steady
Posted on: May 06, 2012 09:10:19 AM
The Albany, GA market saw no change in new home sales year-over-year in February, showing little movement after little change in January from the year earlier. Sales remained steady at three from a year earlier after being level at two in January from the year earlier.
A total of 41 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home sales were three of the 90 total sales, up on a percentage basis from three of 143 a year earlier. For new and existing homes, sales fell in February after also declining in January year-over-year.
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Pricing and Mortgage Trends
The average new home price was $253,967 in February 2012, moving north from $195,000 a year earlier. This followed a 16.0% drop in January from a year earlier.
The average mortgage size went down to $216,239 from $238,512 a year earlier. Average mortgage size on new homes went from $256,550 in January 2011 to $182,935 in January 2012.
Albany, GA - Recent New Home Sales Stay Steady
Posted on: May 06, 2012 09:10:19 AM
The Albany, GA market saw no change in new home sales year-over-year in February, showing little movement after little change in January from the year earlier. Sales remained steady at three from a year earlier after being level at two in January from the year earlier.
A total of 41 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home sales were three of the 90 total sales, up on a percentage basis from three of 143 a year earlier. For new and existing homes, sales fell in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $253,967 in February 2012, moving north from $195,000 a year earlier. This followed a 16.0% drop in January from a year earlier.
The average mortgage size went down to $216,239 from $238,512 a year earlier. Average mortgage size on new homes went from $256,550 in January 2011 to $182,935 in January 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 decreased in February from a year earlier, but remained a burden on the market. Foreclosures and REO sales, taken together, accounted for 44.8% of existing sales, lower than 58.6% a year earlier. The percentage of existing home sales involving foreclosures rose to 21.8% in February from 19.3% a year earlier while REO sales as a percentage of existing home sales declined to 23.0% from 39.3% a year earlier.
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Source: Housing Intelligence