Florence, SC - Newest New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 07, 2012 09:10:52 AM
New home sales in the Florence, SC market sank year-over-year in February, a decline following a rise in January 2012. New home sales moved from eight a year earlier to seven after the figure moved from seven in January 2011 to eight in January 2012.
A total of 97 new homes were sold during the 12 months that ended in February, down from 98 for the year that ended in January.
Out of 167 total sales, seven were of new homes, which makes up a smaller percentage than the eight out of 136 total sales last year. Sales of new and existing homes jumped year-over-year in February after also rising in January year-over-year.
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Pricing and Mortgage Trends
The average new home price was $187,051, up from $119,752 a year earlier. This came after a 53.9% gain in January year-over-year.
The average mortgage size on new homes was $194,383, up from $124,125. Average mortgage size on new homes went from $152,852 in January 2011 to $167,875 in January 2012.
Florence, SC - Newest New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 07, 2012 09:10:52 AM
New home sales in the Florence, SC market sank year-over-year in February, a decline following a rise in January 2012. New home sales moved from eight a year earlier to seven after the figure moved from seven in January 2011 to eight in January 2012.
A total of 97 new homes were sold during the 12 months that ended in February, down from 98 for the year that ended in January.
Out of 167 total sales, seven were of new homes, which makes up a smaller percentage than the eight out of 136 total sales last year. Sales of new and existing homes jumped year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $187,051, up from $119,752 a year earlier. This came after a 53.9% gain in January year-over-year.
The average mortgage size on new homes was $194,383, up from $124,125. Average mortgage size on new homes went from $152,852 in January 2011 to $167,875 in January 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family homes continued to account for all of new home sales.
The average unit size of newly sold homes fell from 2,872 square feet a year earlier to 2,313 square feet.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales made up 50.0% of existing home sales. In February 2011, they represented 53.9%. The percentage of existing home sales involving foreclosures dipped to 29.4% in February from 39.1% a year earlier while REO sales as a percentage of existing home sales increased to 20.6% from 14.8%.
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Source: Housing Intelligence