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Columbus, GA Local News

Columbus, GA - Latest New Home Sales Numbers Suggest Market Decrease is Deepening

Posted on: May 06, 2012 09:21:47 AM

In January, the Columbus, GA market saw a fall year-over-year in new home sales, and the percentage decline was more severe than December 2011, indicating the market may be worsening. New home sales saw a fall of 38.5% from the year earlier to 16. This was after the housing market saw a 27.5% drop year-over-year in December.

A total of 528 new homes were sold during the 12 months that ended in January, down from 538 for the year that ended in December.

Of the total number of sales, new home sales made up 9.9%. New home sales were 10.5% of overall sales last year. Following a year-over-year decline in December, sales of new and existing homes also fell year-over-year in January.

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Pricing and Mortgage Trends

In January, the average price of newly sold homes jumped 26.5% year-over-year to $254,859 per unit. This is an about-face from the 12.9% fall in December from a year earlier.

The average mortgage size on new homes moved north year-over-year along with new home prices. Average mortgage size grew 27.5% to $244,769 in January from a year earlier. In December 2011, average mortgage size declined 4.5% from a year earlier. For newly sold homes, the percentage of sale price being financed moved from 95.3% of average price to 96.0% from a year earlier. In December 2011, the figure increased 8.5 percentage points from the year earlier.

 
 
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