Gainesville, GA - Latest New home Sales Swing Down
Posted on: May 07, 2012 09:12:37 AM
New home sales dropped year-over-year in February in the Gainesville, GA market, falling after remaining level in January from the year earlier. Sales stood at four in February after being seven a year earlier and remaining unchanged at seven in January from a year earlier.
A total of 183 new homes were sold during the 12 months that ended in February, down from 186 for the year that ended in January.
New home sales accounted for four of the 218 total sales, a smaller percentage compared with seven of 227 sales a year earlier. Following a year-over-year rise in January, sales of new and existing homes dipped year-over-year in February.
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Pricing and Mortgage Trends
The average price of new homes rose to $248,850 from last year's $201,514. This came after a 54.0% lift in January year-over-year.
Average mortgage size on new homes increased to $325,266 from $185,448 last year. Average mortgage size on new homes went from $245,283 in January 2011 to $230,484 in January 2012.
Gainesville, GA - Latest New home Sales Swing Down
Posted on: May 07, 2012 09:12:37 AM
New home sales dropped year-over-year in February in the Gainesville, GA market, falling after remaining level in January from the year earlier. Sales stood at four in February after being seven a year earlier and remaining unchanged at seven in January from a year earlier.
A total of 183 new homes were sold during the 12 months that ended in February, down from 186 for the year that ended in January.
New home sales accounted for four of the 218 total sales, a smaller percentage compared with seven of 227 sales a year earlier. Following a year-over-year rise in January, sales of new and existing homes dipped year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes rose to $248,850 from last year's $201,514. This came after a 54.0% lift in January year-over-year.
Average mortgage size on new homes increased to $325,266 from $185,448 last year. Average mortgage size on new homes went from $245,283 in January 2011 to $230,484 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 rose from 2,080 square feet a year earlier to 3,598 square feet.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 70.6% of sales. They made up 75.0% in February 2011. The percentage of existing home sales involving foreclosures declined to 29.0% in February from 33.2% a year earlier and REO sales moved from 41.8% of existing home sales in February 2011 to 41.6% in February 2012.
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Source: Housing Intelligence