Recent Figures Show New Home Prices Rise, Sales Decrease in Durham
Posted on: May 06, 2013 07:10:19 AM
In the Durham, NC market, new home closings declined year-over-year in February, swinging downward off a year-over-year rise in January 2013. New home closings sank by 21.8% in February 2013 from a year earlier, after closings saw a 5.5% rise in January from the year earlier.
A total of 1,372 new homes were sold during the 12 months that ended in February, down from 1,391 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 16.5%. This is down from the a year earlier when new home closings made up 17.7% of total closings. Closings of new and existing homes slid year-over-year in February after remaning steady in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year in February to $233,728 per unit, a rise of 1.0%. This rise is smaller than the 1.4% rise in January year-over-year.
There was a gain year-over-year in the average mortgage size on new homes along with new home prices. In February 2013, the average mortgage size was $214,364, up 15.0% from a year earlier. In January 2013, average mortgage size remained level from a year earlier at $211,150. Of the overall sale price, the percentage that was being financed grew 11.1 percentage points year-over-year to 91.7% in February 2013. In January 2013, there was a 1.1 percentage point decline in January from a year earlier.
Recent Figures Show New Home Prices Rise, Sales Decrease in Durham
Posted on: May 06, 2013 07:10:19 AM
In the Durham, NC market, new home closings declined year-over-year in February, swinging downward off a year-over-year rise in January 2013. New home closings sank by 21.8% in February 2013 from a year earlier, after closings saw a 5.5% rise in January from the year earlier.
A total of 1,372 new homes were sold during the 12 months that ended in February, down from 1,391 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 16.5%. This is down from the a year earlier when new home closings made up 17.7% of total closings. Closings of new and existing homes slid year-over-year in February after remaning steady in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year in February to $233,728 per unit, a rise of 1.0%. This rise is smaller than the 1.4% rise in January year-over-year.
There was a gain year-over-year in the average mortgage size on new homes along with new home prices. In February 2013, the average mortgage size was $214,364, up 15.0% from a year earlier. In January 2013, average mortgage size remained level from a year earlier at $211,150. Of the overall sale price, the percentage that was being financed grew 11.1 percentage points year-over-year to 91.7% in February 2013. In January 2013, there was a 1.1 percentage point decline in January from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes increased from 73.6% in February 2012 to 94.1% of closings in February 2013. Meanwhile, attached units as a percentage of all new home closings fell to 5.9% of closings from 26.4% of closings.
The average unit size of newly sold homes dropped 22.5% year-over-year to 1,556 square feet in February 2013. The average size of newly sold homes moved from 2,263 square feet in January 2012 to 3,053 square feet in January 2013.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Together, foreclosures plus REO closings accounted for 33.9% of existing home closings. They made up 41.0% in February 2012. The percentage of existing home closings involving foreclosures dipped to 16.8% in February from 26.4% a year earlier while REO closings as a percentage of existing home closings increased to 17.1% from 14.6%.
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Source: Housing Intelligence