Hagerstown, MD - Freshest New Home Sales Increase Year-Over-Year in January After Falling Year-Over-Year in December
Posted on: May 07, 2012 09:15:08 AM
Sales of new homes in the Hagerstown, MD market grew year-over-year in January, rebounding from a year-over-year decline in December 2011. New home sales moved from four a year earlier to six after the figure moved from 14 in December 2010 to 11 in December 2011.
A total of 103 new homes were sold during the 12 months that ended in January, up from 101 for the year that ended in December.
New home sales were six of the 92 total sales, up on a percentage basis from four of 95 a year earlier. Sales of new and existing homes fell year-over-year in January after also falling in December year-over-year.
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Pricing and Mortgage Trends
The average new home price was $311,711 in January 2012, up from $179,750 a year earlier. This was on the heels of a 35.2% fall in December from a year earlier.
Average mortgage size on new homes increased to $284,702 from $202,974 last year. Average mortgage size on new homes went from $254,210 in December 2010 to $168,557 in December 2011.
Hagerstown, MD - Freshest New Home Sales Increase Year-Over-Year in January After Falling Year-Over-Year in December
Posted on: May 07, 2012 09:15:08 AM
Sales of new homes in the Hagerstown, MD market grew year-over-year in January, rebounding from a year-over-year decline in December 2011. New home sales moved from four a year earlier to six after the figure moved from 14 in December 2010 to 11 in December 2011.
A total of 103 new homes were sold during the 12 months that ended in January, up from 101 for the year that ended in December.
New home sales were six of the 92 total sales, up on a percentage basis from four of 95 a year earlier. Sales of new and existing homes fell year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $311,711 in January 2012, up from $179,750 a year earlier. This was on the heels of a 35.2% fall in December from a year earlier.
Average mortgage size on new homes increased to $284,702 from $202,974 last year. Average mortgage size on new homes went from $254,210 in December 2010 to $168,557 in December 2011.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up two of six new home sales after accounting for no part of sales a year earlier. Meanwhile, single-family homes made up four of six new home sales after making up all of sales a year earlier.
Foreclosures and real estate owned (REO) sales declined in January from a year earlier, but stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales made up 34.9% of sales, below 65.9% a year earlier. The percentage of existing home sales involving foreclosures dipped to 11.6% in January from 13.2% a year earlier while REO sales as a percentage of existing home sales declined to 23.3% from 52.7% a year earlier.
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Source: Housing Intelligence