Bradenton, FL - Newest Figures for New Home Sales Suggest Market Climb Losing Steam
Posted on: Feb 06, 2012 09:14:31 AM
In November, there was an increase in sales of new homes in the Bradenton, FL market year-over-year, but with an increase less steep than that of October 2011, the market seemed to be showing signs of leveling out. Sales increased 37.9% from a year earlier to 200. This followed a 50.5% boost year-over-year in October.
A total of 1,498 new homes were sold during the 12 months that ended in November, up from 1,443 for the year that ended in October.
Of 1,536 total sales, 200 were of new homes. This is better than the 10.7% of sales a year earlier. For new and existing homes, sales grew year-over-year in November after also increasing in October year-over-year.
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Pricing and Mortgage Trends
In November, there was a 2.9% decline year-over-year in the average per-unit price of newly sold homes, settling at $227,398. This decline follows a move from $218,848 per unit in October 2010 to $216,908 in October 2011.
The average mortgage size on newly sold homes dropped year-over-year in contrast to the average price of new homes. It slid 12.9% in November from a year earlier to $157,077. In October 2011, average mortgage size fell 14.9% from a year earlier. Of the overall sale price, the percentage that was being financed slipped 8.0 percentage points year-over-year to 69.1% in November 2011.
Bradenton, FL - Newest Figures for New Home Sales Suggest Market Climb Losing Steam
Posted on: Feb 06, 2012 09:14:31 AM
In November, there was an increase in sales of new homes in the Bradenton, FL market year-over-year, but with an increase less steep than that of October 2011, the market seemed to be showing signs of leveling out. Sales increased 37.9% from a year earlier to 200. This followed a 50.5% boost year-over-year in October.
A total of 1,498 new homes were sold during the 12 months that ended in November, up from 1,443 for the year that ended in October.
Of 1,536 total sales, 200 were of new homes. This is better than the 10.7% of sales a year earlier. For new and existing homes, sales grew year-over-year in November after also increasing in October year-over-year.
Pricing and Mortgage Trends
In November, there was a 2.9% decline year-over-year in the average per-unit price of newly sold homes, settling at $227,398. This decline follows a move from $218,848 per unit in October 2010 to $216,908 in October 2011.
The average mortgage size on newly sold homes dropped year-over-year in contrast to the average price of new homes. It slid 12.9% in November from a year earlier to $157,077. In October 2011, average mortgage size fell 14.9% from a year earlier. Of the overall sale price, the percentage that was being financed slipped 8.0 percentage points year-over-year to 69.1% in November 2011.
Other Market Trends
Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes jumped from 75.2% in November 2010 to 81.5% of sales in November 2011. Conversely, the share of new home sales belonging to attached units sank to 18.5% of sales from 24.8% of sales.
The average unit size of newly sold homes climbed 31.8% year-over-year to 1,950 square feet in November 2011. The average size of newly sold homes moved from 1,785 square feet in October 2010 to 1,620 square feet in October 2011.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales made up 40.1% of existing home sales. They represented 48.6% in November 2010. The percentage of existing home sales involving foreclosures went from 24.3% in November 2010 to 24.7% in November 2011 and REO sales as a percentage of existing home sales dipped to 15.4% from 24.4% a year earlier.
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Source: Housing Intelligence