Hinesville, GA - Recent New Home Sales Numbers Give Hints Market Gain Building
Posted on: May 07, 2012 09:16:26 AM
There was a rise in new home sales in the Hinesville, GA market in February year-over-year, and the increase was greater than January 2012. New home sales moved from eight a year earlier to 17 after the figure moved from 16 in January 2011 to 17 in January 2012.
A total of 255 new homes were sold during the 12 months that ended in February, up from 246 for the year that ended in January.
New home sales were 17 out of 63 total sales, making up 27.0%. This is up on a percentage basis from eight of 60 a year earlier. Following a year-over-year increase in January, sales of new and existing homes also rose year-over-year in February.
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Pricing and Mortgage Trends
The average new home value went from $156,388 last year to $172,653,. This followed a 11.1% hike in January year-over-year.
From the year-ago figure of $146,524, the average mortgage size on new homes moved up to $176,798. Average mortgage size increased 6.9% in January 2012 from a year earlier.
Hinesville, GA - Recent New Home Sales Numbers Give Hints Market Gain Building
Posted on: May 07, 2012 09:16:26 AM
There was a rise in new home sales in the Hinesville, GA market in February year-over-year, and the increase was greater than January 2012. New home sales moved from eight a year earlier to 17 after the figure moved from 16 in January 2011 to 17 in January 2012.
A total of 255 new homes were sold during the 12 months that ended in February, up from 246 for the year that ended in January.
New home sales were 17 out of 63 total sales, making up 27.0%. This is up on a percentage basis from eight of 60 a year earlier. Following a year-over-year increase in January, sales of new and existing homes also rose year-over-year in February.
Pricing and Mortgage Trends
The average new home value went from $156,388 last year to $172,653,. This followed a 11.1% hike in January year-over-year.
From the year-ago figure of $146,524, the average mortgage size on new homes moved up to $176,798. Average mortgage size increased 6.9% in January 2012 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 homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Together, foreclosures plus REO sales accounted for 50.0% of existing home sales. They made up 55.8% in February 2011. The percentage of existing home sales involving foreclosures declined to 21.7% in February from 23.1% a year earlier while REO sales as a percentage of existing home sales fell to 28.3% from 32.7% a year earlier.
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Source: Housing Intelligence