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Dover, DE - Recent New Home Sales Numbers Climb Year-Over-Year in January After Drop Year-Over-Year in December

Posted on: May 06, 2012 09:24:08 AM

There was a rise in sales of new homes in the Dover, DE market in January year-over-year, bouncing back from a decline in December 2011. New home sales saw a 35.0% climb from a year earlier to 27 after sales fell 23.2% in December from the year earlier.

A total of 485 new homes were sold during the 12 months that ended in January, up from 478 for the year that ended in December.

New home sales made up 12.3% of overall housing sales. This is down from the 19.4% of sales a year earlier. Following a year-over-year increase in December, sales of new and existing homes also rose year-over-year in January.

Pricing and Mortgage Trends

In January, the average price of newly sold homes increased 13.0% year-over-year to $254,822 per unit. This is a swing up from the 1.4% decline in December from a year earlier.

There was a boost year-over-year in the average mortgage size on new homes along with new home prices. In January 2012, the average mortgage size was $229,814, up 23.3% from a year earlier. In December 2011, average mortgage size increased 1.8% from a year earlier. Of the overall sale price, the percentage that was being financed rose 7.5 percentage points year-over-year to 90.2% in January 2012.

Other Market Trends

Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes grew from 60.0% in January 2011 to 96.3% of sales in January 2012. Meanwhile, attached units as a percentage of all new home sales sank to 3.7% of sales from 40.0% of sales.

Foreclosures and real estate owned (REO) sales continued to rise in January from a year earlier and remained a burden on the market. Foreclosures and REO sales, taken together, represented 90.1% of existing home sales, higher than 78.3% a year earlier. The percentage of existing home sales involving foreclosures rose to 78.6% in January from 54.2% a year earlier while REO sales as a percentage of existing home sales slid to 11.5% from 24.1% a year earlier.

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