New Home Sales and Prices Drop in Fayetteville According to Newest Data
Posted on: May 06, 2013 07:11:49 AM
In the Fayetteville, NC market, closings of new homes slipped year-over-year in February, a move downward following a hike in January 2013. New home closings fell by 6.1% in February 2013 from a year earlier, after closings saw a 26.6% climb in January from the year earlier.
A total of 1,133 new homes were sold during the 12 months that ended in February, down from 1,138 for the year that ended in January.
Of the total number of closings, new home closings made up 24.1%. A year ago, new home closings represented 23.4%. Following a year-over-year rise in January, closings of new and existing homes declined year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes dipped year-over-year to $201,942 per unit, a 5.3% decline. This is a downward shift from the 9.7% rise in January year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. The average mortgage size fell to $205,034 in February, marking a 1.3% decline compared with last year. In January 2013, average mortgage size rose 7.9% from a year earlier.
New Home Sales and Prices Drop in Fayetteville According to Newest Data
Posted on: May 06, 2013 07:11:49 AM
In the Fayetteville, NC market, closings of new homes slipped year-over-year in February, a move downward following a hike in January 2013. New home closings fell by 6.1% in February 2013 from a year earlier, after closings saw a 26.6% climb in January from the year earlier.
A total of 1,133 new homes were sold during the 12 months that ended in February, down from 1,138 for the year that ended in January.
Of the total number of closings, new home closings made up 24.1%. A year ago, new home closings represented 23.4%. Following a year-over-year rise in January, closings of new and existing homes declined year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes dipped year-over-year to $201,942 per unit, a 5.3% decline. This is a downward shift from the 9.7% rise in January year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. The average mortgage size fell to $205,034 in February, marking a 1.3% decline compared with last year. In January 2013, average mortgage size rose 7.9% from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings jumped from 98.8% of new closings in February 2012 to all of closings in February 2013. Conversely, the share of new home closings belonging to attached units slid to no part of closings from 1.2% of closings.
There was a 19.1% decline year-over-year in the average unit size of newly sold homes to 1,681 square feet in February 2013. A decrease in both the average size and price of newly sold homes was also seen in January 2013 when the average size gained 17.8% to 1,536 square feet.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 57.0% of existing home closings. In February 2012, they made up 48.0%. The percentage of existing home closings involving foreclosures slipped to 26.9% in February from 31.6% a year earlier while REO closings as a percentage of existing home closings rose to 30.2% from 16.4%.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Fayetteville, NC area.
Source: Housing Intelligence