Greenville, SC - Freshest Figures for New Home Sales Suggest Market Decline is Subsiding
Posted on: May 07, 2012 09:14:43 AM
In the Greenville, SC market in February, new home sales declined year-over-year, but there were hints the market may be stabilizing with a percentage decline less steep as in January 2012. Sales fell 4.0% from a year earlier to 72, compared with a 4.2% decline in January from the year earlier.
A total of 987 new homes were sold during the 12 months that ended in February, down from 990 for the year that ended in January.
Out of all housing sales, new home sales accounted for 12.8%. New home sales were 13.4% of overall sales last year. After dropping in January from a year earlier, sales of new and existing homes increased year-over-year in February.
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Pricing and Mortgage Trends
For newly sold homes, the average price rose 5.3% year-over-year in February to $219,167 per unit. This is a swing up from the 14.1% decline in January from a year earlier.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. It climbed to $206,091 in February, a 29.4% gain. In January 2012, average mortgage size fell 4.5% from a year earlier. The overall percentage of sale price that was being financed increased 17.5 percentage points year-over-year to 94.0% in February 2012. This was another rise after January 2012 when there was a 9.4 percentage point rise from a year earlier.
Greenville, SC - Freshest Figures for New Home Sales Suggest Market Decline is Subsiding
Posted on: May 07, 2012 09:14:43 AM
In the Greenville, SC market in February, new home sales declined year-over-year, but there were hints the market may be stabilizing with a percentage decline less steep as in January 2012. Sales fell 4.0% from a year earlier to 72, compared with a 4.2% decline in January from the year earlier.
A total of 987 new homes were sold during the 12 months that ended in February, down from 990 for the year that ended in January.
Out of all housing sales, new home sales accounted for 12.8%. New home sales were 13.4% of overall sales last year. After dropping in January from a year earlier, sales of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
For newly sold homes, the average price rose 5.3% year-over-year in February to $219,167 per unit. This is a swing up from the 14.1% decline in January from a year earlier.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. It climbed to $206,091 in February, a 29.4% gain. In January 2012, average mortgage size fell 4.5% from a year earlier. The overall percentage of sale price that was being financed increased 17.5 percentage points year-over-year to 94.0% in February 2012. This was another rise after January 2012 when there was a 9.4 percentage point rise from a year earlier.
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 home sales have made up all of new home sales while attached unit sales have represented no part of sales.
Foreclosures and real estate owned (REO) sales decreased in February from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO sales made up 47.3% of existing home sales, below 57.8% a year earlier. The percentage of existing home sales involving foreclosures slipped to 23.8% in February from 29.4% a year earlier while REO sales as a percentage of existing home sales dipped to 23.4% from 28.4% a year earlier.
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Source: Housing Intelligence