Recent Figures Show New Home Sales and Prices Fall in Hickory
Posted on: May 06, 2013 07:15:38 AM
In the Hickory, NC market, closings of new homes sank year-over-year in February, declining after staying relatively stable in January from the year earlier. Closings stood at two in February after being six a year earlier and remaining unchanged at two in January from a year earlier.
A total of 67 new homes were sold during the 12 months that ended in February, down from 71 for the year that ended in January.
On a percentage basis, new home closings as a part of total closings decreased to 1.0% from 2.2% a year earlier. Following a year-over-year rise in January, closings of new and existing homes dropped year-over-year in February.
Pricing and Mortgage Trends
The average new home price in February 2013 went down to $114,750 from $151,167 last year. This followed a 25.4% bump in January year-over-year.
There was a decline in average mortgage size on new homes, going from $147,656 last year to $117,597 in February 2013. Average mortgage size on new homes went from $312,000 in January 2012 to $360,000 in January 2013.
Recent Figures Show New Home Sales and Prices Fall in Hickory
Posted on: May 06, 2013 07:15:38 AM
In the Hickory, NC market, closings of new homes sank year-over-year in February, declining after staying relatively stable in January from the year earlier. Closings stood at two in February after being six a year earlier and remaining unchanged at two in January from a year earlier.
A total of 67 new homes were sold during the 12 months that ended in February, down from 71 for the year that ended in January.
On a percentage basis, new home closings as a part of total closings decreased to 1.0% from 2.2% a year earlier. Following a year-over-year rise in January, closings of new and existing homes dropped year-over-year in February.
Pricing and Mortgage Trends
The average new home price in February 2013 went down to $114,750 from $151,167 last year. This followed a 25.4% bump in January year-over-year.
There was a decline in average mortgage size on new homes, going from $147,656 last year to $117,597 in February 2013. Average mortgage size on new homes went from $312,000 in January 2012 to $360,000 in January 2013.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen. Single-family home closings made up all of new home closings after accounting for five of six last year. Meanwhile, attached units made up no part of new home closings after making up one of six closings a year earlier.
Foreclosures and real estate owned (REO) closings remained a drag on the market. Together, foreclosures plus REO closings represented 47.8% of existing home closings. They accounted for 52.9% in February 2012. The percentage of existing home closings involving foreclosures slipped to 26.1% in February from 32.7% a year earlier while REO closings as a percentage of existing home closings increased to 21.7% from 20.2%.
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Source: Housing Intelligence