Freshest Numbers Show Prices of New Homes Climb in Greensboro, Sales Fall
Posted on: May 06, 2013 07:14:34 AM
Closings of new homes sank year-over-year in February in the Greensboro, NC market, and the percentage fall was steeper than January 2013. New home closings saw a 17.5% decline from a year earlier to 47 after closings declined 10.9% in January from the year earlier.
A total of 716 new homes were sold during the 12 months that ended in February, down from 726 for the year that ended in January.
New home closings accounted for 6.3% of overall housing closings, less than the 8.7% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes also grew year-over-year in February.
Pricing and Mortgage Trends
In February, the average value of new homes saw a 1.0% rise year-over-year as it grew to $199,511 per unit. This rise is smaller than the 5.4% rise in January year-over-year.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. In February 2013, the average mortgage size on newly sold homes saw a 1.0% rise from a year earlier. Average mortgage size increased 5.1% in January 2013 from a year earlier. The overall percentage of sale price being financed was unchanged from a year earlier. It moved from 90.4% in January 2012 to 92.0% in January 2013.
Freshest Numbers Show Prices of New Homes Climb in Greensboro, Sales Fall
Posted on: May 06, 2013 07:14:34 AM
Closings of new homes sank year-over-year in February in the Greensboro, NC market, and the percentage fall was steeper than January 2013. New home closings saw a 17.5% decline from a year earlier to 47 after closings declined 10.9% in January from the year earlier.
A total of 716 new homes were sold during the 12 months that ended in February, down from 726 for the year that ended in January.
New home closings accounted for 6.3% of overall housing closings, less than the 8.7% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes also grew year-over-year in February.
Pricing and Mortgage Trends
In February, the average value of new homes saw a 1.0% rise year-over-year as it grew to $199,511 per unit. This rise is smaller than the 5.4% rise in January year-over-year.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. In February 2013, the average mortgage size on newly sold homes saw a 1.0% rise from a year earlier. Average mortgage size increased 5.1% in January 2013 from a year earlier. The overall percentage of sale price being financed was unchanged from a year earlier. It moved from 90.4% in January 2012 to 92.0% in January 2013.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings climbed from 50.9% of new closings in February 2012 to 93.6% of closings in February 2013. Meanwhile, attached units as a percentage of all new home closings slid to 6.4% of closings from 49.1% of closings.
The average unit size of newly sold homes jumped 11.7% year-over-year to 2,674 square feet in February 2013. The average size of newly sold homes moved from 2,419 square feet in January 2012 to 2,152 square feet in January 2013.
Foreclosures and real estate owned (REO) closings remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 46.6% of closings. They represented 55.4% in February 2012. The percentage of existing home closings involving foreclosures dropped to 20.5% in February from 38.2% a year earlier while REO closings as a percentage of existing home closings rose to 26.2% from 17.2%.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Greensboro, NC area.
Source: Housing Intelligence