New Home Sales Gain in Columbus, Prices Decline According to Newest Data
Posted on: May 06, 2013 07:08:18 AM
The Columbus, GA market saw a rise in new home closings in January year-over-year, snapping back from a drop in December 2012. New home closings saw an 87.5% hike from a year earlier to 30. In comparison, new home closings in the same month last year saw a 27.0% fall year-over-year in December.
A total of 352 new homes were sold during the 12 months that ended in January, up from 338 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 16.9%. This is up from the 8.8% of closings a year earlier. Following a year-over-year rise in December, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
The average per-unit value of new homes dipped to $240,733 in January, a decline of 5.5% year-over-year from a year earlier. This is a downward shift from a 20.5% rise in December year-over-year.
The average mortgage size on newly sold homes fell year-over-year in contrast to the average price of new homes. It declined 4.8% in January from a year earlier, reaching $232,997. In December 2012, average mortgage size gained 18.6% from a year earlier. The overall percentage of sale price that was being financed went from 96.0% of average price to 96.8% from a year earlier. In December 2012, the figure saw a 1.5 percentage point decline from the year earlier.
New Home Sales Gain in Columbus, Prices Decline According to Newest Data
Posted on: May 06, 2013 07:08:18 AM
The Columbus, GA market saw a rise in new home closings in January year-over-year, snapping back from a drop in December 2012. New home closings saw an 87.5% hike from a year earlier to 30. In comparison, new home closings in the same month last year saw a 27.0% fall year-over-year in December.
A total of 352 new homes were sold during the 12 months that ended in January, up from 338 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 16.9%. This is up from the 8.8% of closings a year earlier. Following a year-over-year rise in December, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
The average per-unit value of new homes dipped to $240,733 in January, a decline of 5.5% year-over-year from a year earlier. This is a downward shift from a 20.5% rise in December year-over-year.
The average mortgage size on newly sold homes fell year-over-year in contrast to the average price of new homes. It declined 4.8% in January from a year earlier, reaching $232,997. In December 2012, average mortgage size gained 18.6% from a year earlier. The overall percentage of sale price that was being financed went from 96.0% of average price to 96.8% from a year earlier. In December 2012, the figure saw a 1.5 percentage point decline from the year earlier.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in January 2013. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
For all new homes sold, the average unit size declined 23.8% year-over-year to 1,753 square feet in January 2013. In December, the average size of new homes sold went from 2,220 square feet a year earlier to 2,626 square feet.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 53.7% of closings, below 65.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 18.4% in January from 38.2% a year earlier while REO closings as a percentage of existing home closings increased to 35.4% from 27.3%.
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Source: Housing Intelligence