Fayetteville, NC - Newest New Home Sales Numbers Suggest Market Decline is Slowing
Posted on: May 07, 2012 09:10:25 AM
New home sales fell year-over-year in February in the Fayetteville, NC market, but the percentage fall was not as steep as January 2012, giving suggestion that the market may be stabilizing. Sales slumped 21.9% from a year earlier to 82, compared with a 24.4% decline in January from the year earlier.
A total of 1,269 new homes were sold during the 12 months that ended in February, down from 1,292 for the year that ended in January.
Compared to a year earlier, new home sales reflected 24.3% of overall housing sales, down from 28.2% last year. Following a year-over-year decline in January, sales of new and existing homes also dipped year-over-year in February.
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Pricing and Mortgage Trends
Average price of newly sold homes had a 3.7% rise year-over-year to $210,520 per unit in February. This is an about-face from the 5.5% decline in January from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size rose to $206,759 in February, marking a 2.8% rise compared with a year earlier. Average mortgage size declined 3.5% in January 2012 from a year earlier.
Fayetteville, NC - Newest New Home Sales Numbers Suggest Market Decline is Slowing
Posted on: May 07, 2012 09:10:25 AM
New home sales fell year-over-year in February in the Fayetteville, NC market, but the percentage fall was not as steep as January 2012, giving suggestion that the market may be stabilizing. Sales slumped 21.9% from a year earlier to 82, compared with a 24.4% decline in January from the year earlier.
A total of 1,269 new homes were sold during the 12 months that ended in February, down from 1,292 for the year that ended in January.
Compared to a year earlier, new home sales reflected 24.3% of overall housing sales, down from 28.2% last year. Following a year-over-year decline in January, sales of new and existing homes also dipped year-over-year in February.
Pricing and Mortgage Trends
Average price of newly sold homes had a 3.7% rise year-over-year to $210,520 per unit in February. This is an about-face from the 5.5% decline in January from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size rose to $206,759 in February, marking a 2.8% rise compared with a year earlier. Average mortgage size declined 3.5% in January 2012 from a year earlier.
Other Market Trends
The percentage of new home sales belonging to single-family homes has risen from last year while the portion of new home sales belonging to attached units has dropped. Single-family home sales gained from 96.2% of new sales in February 2011 to 98.8% of sales in February 2012. Conversely, the share of new home sales belonging to attached units dropped to 1.2% of sales from 3.8% of sales.
For all new homes sold, the average unit size rose 14.1% year-over-year to 2,236 square feet in February 2012. This rise was somewhat steeper than the price rise, which was also seen in January 2012 when the average size of new homes sold climbed 30.0% to 1,515 square feet from a year earlier.
Foreclosures and real estate owned (REO) sales continued to increase in February from a year earlier and remained a burden on the market. Together, foreclosures plus REO sales accounted for 47.7% of existing home sales, up from 37.1% a year earlier. The percentage of existing home sales involving foreclosures rose to 30.9% in February from 14.6% a year earlier while REO sales as a percentage of existing home sales fell to 16.8% from 22.5% a year earlier.
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Source: Housing Intelligence