Hickory, NC - Recent Figures for New Home Sales Suggest Market Drop is Subsiding
Posted on: May 07, 2012 09:16:13 AM
Sales of new homes sank year-over-year in February in the Hickory, NC market, but the decline was less than the year-over-year decline in January. New home sales moved from 14 a year earlier to seven after the figure moved from 15 in January 2011 to seven in January 2012.
A total of 129 new homes were sold during the 12 months that ended in February, down from 136 for the year that ended in January.
New home sales were 5.4% of total sales a year earlier, and this percentage saw a decline as new home sales this year made up seven of the 245 total sales. After rising year-over-year in January, sales of new and existing homes slipped year-over-year in February.
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Pricing and Mortgage Trends
The average new home price was $141,000, down from $188,885 a year earlier. This was on the heels of a move from $133,611 per unit in January 2011 to $133,917 in January 2012.
Average mortgage size on new homes rose from $138,159 to $147,656. Average mortgage size on new homes went from $149,902 in January 2011 to $194,500 in January 2012.
Hickory, NC - Recent Figures for New Home Sales Suggest Market Drop is Subsiding
Posted on: May 07, 2012 09:16:13 AM
Sales of new homes sank year-over-year in February in the Hickory, NC market, but the decline was less than the year-over-year decline in January. New home sales moved from 14 a year earlier to seven after the figure moved from 15 in January 2011 to seven in January 2012.
A total of 129 new homes were sold during the 12 months that ended in February, down from 136 for the year that ended in January.
New home sales were 5.4% of total sales a year earlier, and this percentage saw a decline as new home sales this year made up seven of the 245 total sales. After rising year-over-year in January, sales of new and existing homes slipped year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $141,000, down from $188,885 a year earlier. This was on the heels of a move from $133,611 per unit in January 2011 to $133,917 in January 2012.
Average mortgage size on new homes rose from $138,159 to $147,656. Average mortgage size on new homes went from $149,902 in January 2011 to $194,500 in January 2012.
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 one of seven new home sales after accounting for one of 14 a year earlier. Meanwhile, single-family homes made up six of seven new home sales after making up 13 of 14 a year earlier.
The average unit size of newly sold homes fell from 2,015 square feet a year earlier to 1,799 square feet.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Together, foreclosures plus REO sales made up 51.3% of existing home sales. They represented 54.7% in February 2011. The percentage of existing home sales involving foreclosures rose to 33.2% in February from 27.3% a year earlier while REO sales as a percentage of existing home sales dipped to 18.1% from 27.3% a year earlier.
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Source: Housing Intelligence