Jacksonville, NC - Latest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 07, 2012 09:19:18 AM
In February, sales of new homes in the Jacksonville, NC market gained year-over-year, and the percentage hike was sharper than January 2012, hinting that the market may be strengthening. New home sales saw a 38.8% climb from a year earlier to 143. This was after the housing market saw a 4.0% rise year-over-year in January.
A total of 1,557 new homes were sold during the 12 months that ended in February, up from 1,517 for the year that ended in January.
As a percentage of overall housing sales, new home sales represented 51.6%. This marks a rise from 44.8% of total sales a year earlier. Sales of new and existing homes climbed year-over-year in February following a decline in January year-over-year.
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Pricing and Mortgage Trends
In February, the average value of new homes saw a 1.5% rise year-over-year as it grew to $180,359 per unit. This rise is a reversal from a 1.8% decline in January from a year earlier.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In February 2012, there was a 2.2% rise in the average mortgage size, reaching $183,235. Average mortgage size slipped 3.4% in January 2012 from a year earlier.
Jacksonville, NC - Latest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 07, 2012 09:19:18 AM
In February, sales of new homes in the Jacksonville, NC market gained year-over-year, and the percentage hike was sharper than January 2012, hinting that the market may be strengthening. New home sales saw a 38.8% climb from a year earlier to 143. This was after the housing market saw a 4.0% rise year-over-year in January.
A total of 1,557 new homes were sold during the 12 months that ended in February, up from 1,517 for the year that ended in January.
As a percentage of overall housing sales, new home sales represented 51.6%. This marks a rise from 44.8% of total sales a year earlier. Sales of new and existing homes climbed year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
In February, the average value of new homes saw a 1.5% rise year-over-year as it grew to $180,359 per unit. This rise is a reversal from a 1.8% decline in January from a year earlier.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In February 2012, there was a 2.2% rise in the average mortgage size, reaching $183,235. Average mortgage size slipped 3.4% in January 2012 from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home sales have moved from 99.0% of new home sales to all of sales while attached units have gone from 1.0% of sales to no part of sales.
There was a 9.5% rise year-over-year in the average unit size of newly sold homes to 1,879 square feet in February 2012. An increase was also seen in January 2012 when the average size of new homes sold rose 5.5% to 1,849 square feet.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Together, foreclosures plus REO sales made up 33.6% of existing home sales. They represented 30.7% in February 2011. The percentage of existing home sales involving foreclosures rose to 20.9% in February from 11.8% a year earlier while REO sales as a percentage of existing home sales fell to 12.7% from 18.9% a year earlier.
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Source: Housing Intelligence