Harrisonburg, VA - Freshest New Home Sales Numbers Suggest Market Decrease is Slowing
Posted on: May 07, 2012 09:15:49 AM
New home sales declined year-over-year in January in the Harrisonburg, VA market, but the decline was less than the year-over-year decline in December. New home sales moved from three a year earlier to two after the figure moved from seven in December 2010 to none in December 2011.
A total of 58 new homes were sold during the 12 months that ended in January, down from 59 for the year that ended in December.
New home sales were two of the 33 total sales, up on a percentage basis from three of 63 a year earlier. Following a year-over-year decline in December, sales of new and existing homes also fell year-over-year in January.
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Pricing and Mortgage Trends
The average price of new homes rose to $293,500 from last year's $213,000. This was on the heels of a set of periods with no new home sales in both December 2011 or December 2010
From the year-ago figure of $142,483, the average mortgage size on new homes moved up to $212,000.
Harrisonburg, VA - Freshest New Home Sales Numbers Suggest Market Decrease is Slowing
Posted on: May 07, 2012 09:15:49 AM
New home sales declined year-over-year in January in the Harrisonburg, VA market, but the decline was less than the year-over-year decline in December. New home sales moved from three a year earlier to two after the figure moved from seven in December 2010 to none in December 2011.
A total of 58 new homes were sold during the 12 months that ended in January, down from 59 for the year that ended in December.
New home sales were two of the 33 total sales, up on a percentage basis from three of 63 a year earlier. Following a year-over-year decline in December, sales of new and existing homes also fell year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes rose to $293,500 from last year's $213,000. This was on the heels of a set of periods with no new home sales in both December 2011 or December 2010
From the year-ago figure of $142,483, the average mortgage size on new homes moved up to $212,000.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in January 2012. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales continued to decline from a year earlier in January, but did not look to be a burden on the market. Out of all existing home sales, foreclosures combined with REO sales made up 9.7% of sales, below 28.3% a year earlier. The percentage of existing home sales involving foreclosures dropped to no part in January from 13.3% a year earlier while REO sales as a percentage of existing home sales slipped to 9.7% from 15.0% a year earlier.
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Source: Housing Intelligence