Lynchburg, VA - Recent New Home Sales Numbers Suggest Market Fall is Slowing
Posted on: May 07, 2012 09:25:58 AM
In the Lynchburg, VA market, sales of new homes fell year-over-year in January, but the decline was less than the year-over-year decline in December. New home sales moved from three a year earlier to one after the figure moved from six in December 2010 to none in December 2011.
A total of 32 new homes were sold during the 12 months that ended in January, down from 34 for the year that ended in December.
One of the 22 total sales were new home sales, a shift on a percentage basis from three out of 83 a year earlier. Following a year-over-year decline in December, sales of new and existing homes also dropped year-over-year in January.
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The average price of new homes rose to $280,342 from last year's $249,500. This followed a set of periods with no new home sales in both December 2011 or December 2010
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in January 2012. Single-family homes continued to account for all of new home sales.
Lynchburg, VA - Recent New Home Sales Numbers Suggest Market Fall is Slowing
Posted on: May 07, 2012 09:25:58 AM
In the Lynchburg, VA market, sales of new homes fell year-over-year in January, but the decline was less than the year-over-year decline in December. New home sales moved from three a year earlier to one after the figure moved from six in December 2010 to none in December 2011.
A total of 32 new homes were sold during the 12 months that ended in January, down from 34 for the year that ended in December.
One of the 22 total sales were new home sales, a shift on a percentage basis from three out of 83 a year earlier. Following a year-over-year decline in December, sales of new and existing homes also dropped year-over-year in January.
The average price of new homes rose to $280,342 from last year's $249,500. This followed a set of periods with no new home sales in both December 2011 or December 2010
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in January 2012. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales continued to increase in January from a year earlier and remained a drag on the market. Foreclosures and REO sales, taken together, represented 71.4% of existing home sales, up from 23.8% a year earlier. The percentage of existing home sales involving foreclosures rose to 23.8% in January from 10.0% a year earlier while REO sales as a percentage of existing home sales rose to 47.6% from 13.8%.
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Source: Housing Intelligence