Columbia, SC - Latest New Home Sales Numbers Suggest Market Rise Slowing.
Posted on: May 06, 2012 09:21:40 AM
New home sales jumped year-over-year in January in the Columbia, SC market, but the percentage hike was less than December 2011, suggesting the market may be leveling. New home sales saw a 21.7% rise from a year earlier to 129 after sales climbed 22.6% in December from the year earlier.
A total of 1,826 new homes were sold during the 12 months that ended in January, up from 1,803 for the year that ended in December.
As a percentage of overall housing sales, new home sales accounted for 22.4% of overall housing sales. They represented 21.7% of sales a year earlier. Following a year-over-year increase in December, sales of new and existing homes also gained year-over-year in January.
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Pricing and Mortgage Trends
The average price of new homes went from $204,628 in January 2011 to $203,547 in January 2012. This was on the heels of a 6.9% decline in December from a year earlier.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. In January 2012, the average mortgage size on newly sold homes saw a 3.0% decline from a year earlier. It went from $185,175 to $185,504 from December 2010 to December 2011. For new home sales, the percentage of the sale price that was being financed dipped 2.4 percentage points year-over-year to 92.3% in January 2012. This came after a 6.8 percentage point rise in December from a year earlier.
Columbia, SC - Latest New Home Sales Numbers Suggest Market Rise Slowing.
Posted on: May 06, 2012 09:21:40 AM
New home sales jumped year-over-year in January in the Columbia, SC market, but the percentage hike was less than December 2011, suggesting the market may be leveling. New home sales saw a 21.7% rise from a year earlier to 129 after sales climbed 22.6% in December from the year earlier.
A total of 1,826 new homes were sold during the 12 months that ended in January, up from 1,803 for the year that ended in December.
As a percentage of overall housing sales, new home sales accounted for 22.4% of overall housing sales. They represented 21.7% of sales a year earlier. Following a year-over-year increase in December, sales of new and existing homes also gained year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes went from $204,628 in January 2011 to $203,547 in January 2012. This was on the heels of a 6.9% decline in December from a year earlier.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. In January 2012, the average mortgage size on newly sold homes saw a 3.0% decline from a year earlier. It went from $185,175 to $185,504 from December 2010 to December 2011. For new home sales, the percentage of the sale price that was being financed dipped 2.4 percentage points year-over-year to 92.3% in January 2012. This came after a 6.8 percentage point rise in December from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home sales have moved from 98.1% of new home sales to 98.4% of sales while attached units have gone from 1.9% of sales to 1.6% of sales.
For all new homes sold, the average unit size fell 15.9% year-over-year to 1,543 square feet in January 2012. In December, the average size of new homes sold went from 2,100 square feet a year earlier to 2,436 square feet.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Combined, foreclosures plus REO sales made up 58.2% of existing home sales. In January 2011, they represented 50.7%. The percentage of existing home sales involving foreclosures rose to 32.9% in January from 29.0% a year earlier while REO sales as a percentage of existing home sales increased to 25.3% from 21.7%.
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Source: Housing Intelligence