Prices of New Homes Gain in Jacksonville, Sales Decline According to Newest Data
Posted on: May 06, 2013 07:17:34 AM
The Jacksonville, NC market saw a drop in new home closings year-over-year in February, and the percentage drop was steeper than January 2013. New home closings saw a drop of 49.3% from the year earlier to 75 after closings slid 23.6% in January from the year earlier.
A total of 1,448 new homes were sold during the 12 months that ended in February, down from 1,521 for the year that ended in January.
New home closings as a percentage of overall housing closings fell to 34.4% from 49.3% of closings a year earlier. Closings of new and existing homes dropped year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
In February, the average value of new homes saw a 4.0% rise year-over-year as it grew to $188,647 per unit. This rise is better than the 3.7% rise in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In February 2013, the average mortgage size was $189,771, a 3.5% rise from a year earlier. Average mortgage size increased 4.0% in January 2013 from a year earlier.
Prices of New Homes Gain in Jacksonville, Sales Decline According to Newest Data
Posted on: May 06, 2013 07:17:34 AM
The Jacksonville, NC market saw a drop in new home closings year-over-year in February, and the percentage drop was steeper than January 2013. New home closings saw a drop of 49.3% from the year earlier to 75 after closings slid 23.6% in January from the year earlier.
A total of 1,448 new homes were sold during the 12 months that ended in February, down from 1,521 for the year that ended in January.
New home closings as a percentage of overall housing closings fell to 34.4% from 49.3% of closings a year earlier. Closings of new and existing homes dropped year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
In February, the average value of new homes saw a 4.0% rise year-over-year as it grew to $188,647 per unit. This rise is better than the 3.7% rise in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In February 2013, the average mortgage size was $189,771, a 3.5% rise from a year earlier. Average mortgage size increased 4.0% in January 2013 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 2013. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
Foreclosures and real estate owned (REO) closings continued to increase in February from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings accounted for 60.8% of existing home closings, up from 30.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 32.2% in February from 19.7% a year earlier while REO closings as a percentage of existing home closings rose to 28.7% from 11.2%.
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Source: Housing Intelligence