Charlottesville, VA - Recent New Home Sales Numbers Give Hints Market Drop is Slowing
Posted on: May 06, 2012 09:19:06 AM
In the Charlottesville, VA market in January, new home sales declined year-over-year, but the decline was less than the year-over-year decline in December. New home sales moved from 15 a year earlier to six after the figure moved from 25 in December 2010 to seven in December 2011.
A total of 164 new homes were sold during the 12 months that ended in January, down from 173 for the year that ended in December.
New home sales were six of the 93 total sales, down on a percentage basis from 15 of 170 a year earlier. Following a year-over-year decline in December, sales of new and existing homes also sank year-over-year in January.
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Pricing and Mortgage Trends
The average per-unit price of new homes was $305,030 in January 2012, up from $264,582 a year ago. This came after a 8.5% decline in December from a year earlier.
Average mortgage size on new homes rose from $206,129 to $258,325. Average mortgage size on new homes went from $290,657 in December 2010 to $257,182 in December 2011. Of the overall sale price, the percentage that was being financed rose 6.8 percentage points year-over-year to 84.7% in January 2012. In December 2011, there was a 3.0 percentage point decline in December from a year earlier.
Charlottesville, VA - Recent New Home Sales Numbers Give Hints Market Drop is Slowing
Posted on: May 06, 2012 09:19:06 AM
In the Charlottesville, VA market in January, new home sales declined year-over-year, but the decline was less than the year-over-year decline in December. New home sales moved from 15 a year earlier to six after the figure moved from 25 in December 2010 to seven in December 2011.
A total of 164 new homes were sold during the 12 months that ended in January, down from 173 for the year that ended in December.
New home sales were six of the 93 total sales, down on a percentage basis from 15 of 170 a year earlier. Following a year-over-year decline in December, sales of new and existing homes also sank year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $305,030 in January 2012, up from $264,582 a year ago. This came after a 8.5% decline in December from a year earlier.
Average mortgage size on new homes rose from $206,129 to $258,325. Average mortgage size on new homes went from $290,657 in December 2010 to $257,182 in December 2011. Of the overall sale price, the percentage that was being financed rose 6.8 percentage points year-over-year to 84.7% in January 2012. In December 2011, there was a 3.0 percentage point decline in December from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up five of six new home sales after accounting for 11 of 15 a year earlier. Meanwhile, attached units made up one of six new home sales after making up four of 15 sales a year earlier.
The average unit size of newly sold homes rose from 1,720 square feet a year earlier to 2,351 square feet.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Combined, foreclosures plus REO sales represented 34.5% of existing home sales. They made up 29.0% in January 2011. The percentage of existing home sales involving foreclosures rose to 17.2% in January from 12.3% a year earlier and REO sales moved from 16.8% of existing home sales in January 2011 to 17.2% in January 2012.
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Source: Housing Intelligence