Latest Figures Show New Home Sales Climb in Baltimore
Posted on: May 06, 2013 07:02:54 AM
Closings of new homes gained year-over-year in January in the Baltimore, MD market, and the percentage rise was higher than December 2012, implying the market may be improving. New home closings saw a climb of 14.3% from the year earlier to 200. This was after the housing market saw a 12.1% jump year-over-year in December.
A total of 3,277 new homes were sold during the 12 months that ended in January, up from 3,252 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 10.0% of overall housing closings. A year ago, new home closings made up 9.8%. Following a year-over-year increase in December, closings of new and existing homes also grew year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes went from $383,685 in January 2012 to $385,322 in January 2013. This was on the heels of a 5.7% rise in December year-over-year.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. In January 2013, average mortgage size declined 4.6% from a year earlier to $330,539. Average mortgage size rose 4.3% in December 2012 from a year earlier. Of the overall sale price, the percentage that was being financed slipped 4.5 percentage points year-over-year to 85.8% in January 2013.
Latest Figures Show New Home Sales Climb in Baltimore
Posted on: May 06, 2013 07:02:54 AM
Closings of new homes gained year-over-year in January in the Baltimore, MD market, and the percentage rise was higher than December 2012, implying the market may be improving. New home closings saw a climb of 14.3% from the year earlier to 200. This was after the housing market saw a 12.1% jump year-over-year in December.
A total of 3,277 new homes were sold during the 12 months that ended in January, up from 3,252 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 10.0% of overall housing closings. A year ago, new home closings made up 9.8%. Following a year-over-year increase in December, closings of new and existing homes also grew year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes went from $383,685 in January 2012 to $385,322 in January 2013. This was on the heels of a 5.7% rise in December year-over-year.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. In January 2013, average mortgage size declined 4.6% from a year earlier to $330,539. Average mortgage size rose 4.3% in December 2012 from a year earlier. Of the overall sale price, the percentage that was being financed slipped 4.5 percentage points year-over-year to 85.8% in January 2013.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 44.6% of new home closings to 44.0% of closings while attached units have gone from 55.4% of closings to 56.0% of closings.
For all new homes sold, the average unit size sank 42.2% year-over-year to 1,450 square feet in January 2013. In December, the average size of new homes sold went from 2,559 square feet a year earlier to 1,944 square feet.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 28.3% of existing home closings. In January 2012, they represented 29.6%. The percentage of existing home closings involving foreclosures rose to 12.7% in January from 11.3% a year earlier while REO closings as a percentage of existing home closings dipped to 15.5% from 18.3% a year earlier.
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Source: Housing Intelligence