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.
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.
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.
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 2012. Single-family home sales have made up all of new home sales while attached unit sales have accounted for no part of sales.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Combined, foreclosures plus REO sales represented 65.1% of existing home sales. They accounted for 67.9% in January 2011. The percentage of existing home sales involving foreclosures slipped to 36.3% in January from 38.5% a year earlier and REO sales moved from 29.4% of existing home sales in January 2011 to 28.8% in January 2012.
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Source: Housing Intelligence