Cape Coral, FL - Latest New Home Sales Numbers Give Hints Market Fall is Deepening
Posted on: Feb 06, 2012 09:15:19 AM
In November, the Cape Coral, FL market saw a drop year-over-year in new home sales, and the percentage decline was more severe than October 2011, indicating the market may be worsening. New home sales saw a drop of 28.0% from the year earlier to 113 after sales sank 15.6% in October from the year earlier.
A total of 1,637 new homes were sold during the 12 months that ended in November, down from 1,681 for the year that ended in October.
New home sales made up 6.3% of overall housing sales, less than the 7.8% of sales a year earlier. Sales of new and existing homes fell year-over-year in November after also falling in October year-over-year.
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Pricing and Mortgage Trends
The average price of new homes was $245,910 per unit in November, up 1.2%from a year earlier. This rise is smaller than the 4.8% rise in October year-over-year.
The average mortgage size on newly sold homes declined year-over-year in contrast to the average price of new homes. In November 2011, there was a 9.3% decline in the average mortgage size on new homes to $170,202. It went from $171,575 to $171,265 from October 2010 to October 2011. The overall percentage of sale price that was being financed slipped 8.0 percentage points year-over-year to 69.2% in November 2011.
Cape Coral, FL - Latest New Home Sales Numbers Give Hints Market Fall is Deepening
Posted on: Feb 06, 2012 09:15:19 AM
In November, the Cape Coral, FL market saw a drop year-over-year in new home sales, and the percentage decline was more severe than October 2011, indicating the market may be worsening. New home sales saw a drop of 28.0% from the year earlier to 113 after sales sank 15.6% in October from the year earlier.
A total of 1,637 new homes were sold during the 12 months that ended in November, down from 1,681 for the year that ended in October.
New home sales made up 6.3% of overall housing sales, less than the 7.8% of sales a year earlier. Sales of new and existing homes fell year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $245,910 per unit in November, up 1.2%from a year earlier. This rise is smaller than the 4.8% rise in October year-over-year.
The average mortgage size on newly sold homes declined year-over-year in contrast to the average price of new homes. In November 2011, there was a 9.3% decline in the average mortgage size on new homes to $170,202. It went from $171,575 to $171,265 from October 2010 to October 2011. The overall percentage of sale price that was being financed slipped 8.0 percentage points year-over-year to 69.2% in November 2011.
Other Market Trends
As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. The share of new home sales belonging to single-family homes grew from 61.1% in November 2010 to 80.5% of sales in November 2011. At the same time, the share of new home sales belonging to attached units sank to 19.5% of sales from 38.9% of sales.
For all new homes sold, the average unit size increased 5.6% year-over-year to 2,105 square feet in November 2011. An increase in both the average size and price of newly sold homes was also seen in October 2011 when the average size rose 2.2% to 2,034 square feet.
Foreclosures and real estate owned (REO) sales decreased in November from a year earlier, but remained a drag on the market. Together, foreclosures plus REO sales accounted for 41.0% of existing home sales, down from 64.2% a year earlier. The percentage of existing home sales involving foreclosures dipped to 21.4% in November from 26.6% a year earlier while REO sales as a percentage of existing home sales declined to 19.6% from 37.6% a year earlier.
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Source: Housing Intelligence