New Home Closings in Bradenton Rise, Prices Fall According to Latest Figures
Posted on: May 06, 2013 07:04:39 AM
New home closings climbed year-over-year in February in the Bradenton, FL market, but the market seemed to be signaling at evening out with a percentage hike less pronounced than January 2013. There was a 27.9% jump in new home closings from a year earlier. This came after a 30.1% jump year-over-year in January.
A total of 2,418 new homes were sold during the 12 months that ended in February, up from 2,377 for the year that ended in January.
As a percentage of overall housing closings, new home closings made up 9.7% of overall housing closings. New home closings were 8.8% of overall closings last year. For new and existing homes, closings increased year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in February was $249,121 per unit, down 5.9% year-over-year from a year earlier. This is a movement south from the 11.5% gain in January year-over-year.
Average mortgage size on new homes went from $194,956 in February 2012 to $196,297 in February 2013. Average mortgage size rose 8.2% in January 2013 from a year earlier. Of the overall sale price, the percentage that was being financed increased 5.2 percentage points year-over-year to 78.8% in February 2013. In January 2013, there was a 2.5 percentage point decline in January from a year earlier.
New Home Closings in Bradenton Rise, Prices Fall According to Latest Figures
Posted on: May 06, 2013 07:04:39 AM
New home closings climbed year-over-year in February in the Bradenton, FL market, but the market seemed to be signaling at evening out with a percentage hike less pronounced than January 2013. There was a 27.9% jump in new home closings from a year earlier. This came after a 30.1% jump year-over-year in January.
A total of 2,418 new homes were sold during the 12 months that ended in February, up from 2,377 for the year that ended in January.
As a percentage of overall housing closings, new home closings made up 9.7% of overall housing closings. New home closings were 8.8% of overall closings last year. For new and existing homes, closings increased year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in February was $249,121 per unit, down 5.9% year-over-year from a year earlier. This is a movement south from the 11.5% gain in January year-over-year.
Average mortgage size on new homes went from $194,956 in February 2012 to $196,297 in February 2013. Average mortgage size rose 8.2% in January 2013 from a year earlier. Of the overall sale price, the percentage that was being financed increased 5.2 percentage points year-over-year to 78.8% in February 2013. In January 2013, there was a 2.5 percentage point decline in January from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings rose from 78.9% of new closings in February 2012 to 83.0% of closings in February 2013. Conversely, the share of new home closings belonging to attached units fell to 17.0% of closings from 21.1% of closings.
The average unit size of newly sold homes dipped 5.0% year-over-year to 1,686 square feet in February 2013. The average size of newly sold homes moved from 1,656 square feet in January 2012 to 3,231 square feet in January 2013.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Combined, foreclosures plus REO closings accounted for 29.8% of existing home closings. They made up 39.3% in February 2012. The percentage of existing home closings involving foreclosures declined to 14.2% in February from 20.9% a year earlier while REO closings as a percentage of existing home closings fell to 15.6% from 18.4% a year earlier.
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Source: Housing Intelligence