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Burlington, NC - Latest Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January

Posted on: May 06, 2012 09:17:39 AM

The Burlington, NC market saw an increase in sales of new homes in February year-over-year, rebounding from a year-over-year decline in January 2012. New home sales moved from 15 a year earlier to 19 after the figure moved from 14 in January 2011 to 13 in January 2012.

A total of 255 new homes were sold during the 12 months that ended in February, up from 251 for the year that ended in January.

Of the total number of sales, new home sales made up 15.1%. A year ago, new home sales made up 15.5%. Following a year-over-year increase in January, sales of new and existing homes also rose year-over-year in February.

Pricing and Mortgage Trends

Average price of newly sold homes had a 9.1% decline year-over-year to $152,500 per unit in February. This decline is a reversal from a 5.4% rise in January year-over-year.

For newly sold homes, the average mortgage size saw a fall year-over-year in contrast to new home prices. The average mortgage size fell to $145,244 in February, marking a 10.4% decline compared with last year. Average mortgage size on new homes went from $152,828 in January 2011 to $182,268 in January 2012. The overall percentage of sale price that was being financed dipped 1.4 percentage points year-over-year to 95.2% in February 2012. In January 2012, there was a 10.8 percentage point lift from a year earlier.

Other Market Trends

The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. The share of new home sales belonging to attached units climbed from 20.0% of sales in February 2011 to 21.1% of sales in February 2012. Conversely, the share belonging to single-family homes sank to 78.9% of sales from 80.0% of sales.

For all new homes sold, the average unit size slid 18.5% year-over-year to 1,696 square feet in February 2012. In January, the average size of new homes sold went from 2,222 square feet a year earlier to 2,226 square feet.

Foreclosures and real estate owned (REO) sales remained a drag on the market. Combined, foreclosures plus REO sales accounted for 52.3% of existing home sales. They made up 54.9% in February 2011. The percentage of existing home sales involving foreclosures rose to 34.6% in February from 17.1% a year earlier while REO sales as a percentage of existing home sales fell to 17.8% from 37.8% a year earlier.

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