Athens, GA - Freshest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 06, 2012 09:12:17 AM
New home sales increased year-over-year in February in the Athens, GA market, and the increase was greater than January 2012. New home sales moved from four a year earlier to 14 after the figure moved from three in January 2011 to six in January 2012.
A total of 104 new homes were sold during the 12 months that ended in February, up from 94 for the year that ended in January.
New home sales were 14 of the 188 total sales, up on a percentage basis from four of 205 a year earlier. After rising year-over-year in January, sales of new and existing homes dipped year-over-year in February.
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Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $215,711, down from last year's $232,500. This was on the heels of a 23.0% fall in January from a year earlier.
There was a decline in average mortgage size on new homes, going from $318,575 last year to $176,322 in February 2012. Average mortgage size on new homes went from $149,074 in January 2011 to $228,061 in January 2012.
Athens, GA - Freshest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 06, 2012 09:12:17 AM
New home sales increased year-over-year in February in the Athens, GA market, and the increase was greater than January 2012. New home sales moved from four a year earlier to 14 after the figure moved from three in January 2011 to six in January 2012.
A total of 104 new homes were sold during the 12 months that ended in February, up from 94 for the year that ended in January.
New home sales were 14 of the 188 total sales, up on a percentage basis from four of 205 a year earlier. After rising year-over-year in January, sales of new and existing homes dipped year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2012 was $215,711, down from last year's $232,500. This was on the heels of a 23.0% fall in January from a year earlier.
There was a decline in average mortgage size on new homes, going from $318,575 last year to $176,322 in February 2012. Average mortgage size on new homes went from $149,074 in January 2011 to $228,061 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. Out of all existing home sales, foreclosures combined with REO sales accounted for 56.3% of sales, below 74.6% a year earlier. The percentage of existing home sales involving foreclosures slid to 26.4% in February from 50.2% a year earlier while REO sales as a percentage of existing home sales increased to 29.9% from 24.4%.
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Source: Housing Intelligence