Greenville, SC - Newest New Home Sales Numbers Suggest Market Rise Strengthening.
Posted on: Feb 06, 2012 09:23:37 AM
Sales of new homes in the Greenville, SC market grew year-over-year in November, and the percentage bump that was sharper than October 2011 seems to indicate improving market conditions. New home sales saw a boost of 25.4% from the year earlier to 79. This followed a 22.7% jump year-over-year in October.
A total of 1,016 new homes were sold during the 12 months that ended in November, up from 1,000 for the year that ended in October.
As a percentage of overall housing sales, new home sales represented 14.1%. This is better than the 11.6% of sales a year earlier. Following a decline in October year-over-year, sales of new and existing homes rose year-over-year in November.
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Pricing and Mortgage Trends
The average price of newly sold homes declined 23.1% year-over-year in November to $190,226 per unit. This fall is larger than the 17.3% drop in October from a year earlier.
For newly sold homes, the average mortgage size declined year-over-year in contrast to average price of new homes. It fell 5.1% in November from a year earlier, reaching $157,214. In October 2011, average mortgage size fell 14.3% from a year earlier. For new home sales, the percentage of the sale price that was being financed gained 15.7 percentage points year-over-year to 82.6% in November 2011.
Greenville, SC - Newest New Home Sales Numbers Suggest Market Rise Strengthening.
Posted on: Feb 06, 2012 09:23:37 AM
Sales of new homes in the Greenville, SC market grew year-over-year in November, and the percentage bump that was sharper than October 2011 seems to indicate improving market conditions. New home sales saw a boost of 25.4% from the year earlier to 79. This followed a 22.7% jump year-over-year in October.
A total of 1,016 new homes were sold during the 12 months that ended in November, up from 1,000 for the year that ended in October.
As a percentage of overall housing sales, new home sales represented 14.1%. This is better than the 11.6% of sales a year earlier. Following a decline in October year-over-year, sales of new and existing homes rose year-over-year in November.
Pricing and Mortgage Trends
The average price of newly sold homes declined 23.1% year-over-year in November to $190,226 per unit. This fall is larger than the 17.3% drop in October from a year earlier.
For newly sold homes, the average mortgage size declined year-over-year in contrast to average price of new homes. It fell 5.1% in November from a year earlier, reaching $157,214. In October 2011, average mortgage size fell 14.3% from a year earlier. For new home sales, the percentage of the sale price that was being financed gained 15.7 percentage points year-over-year to 82.6% in November 2011.
Other Market Trends
Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes grew from 98.4% in November 2010 to all of sales in November 2011. Meanwhile, attached units as a percentage of all new home sales dropped to no part of sales from 1.6% of sales.
The average unit size of newly sold homes sank 23.0% year-over-year to 2,064 square feet in November 2011. A decrease in both the average size and price of newly sold homes was also seen in October 2011 when the average size jumped 35.8% to 1,328 square feet.
Foreclosures and real estate owned (REO) sales fell in November from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO sales accounted for 31.2% of existing home sales, below 47.8% a year earlier. The percentage of existing home sales involving foreclosures fell to 14.8% in November from 25.4% a year earlier while REO sales as a percentage of existing home sales slipped to 16.4% from 22.5% a year earlier.
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Source: Housing Intelligence