New Home Closings and Prices in Miami Decrease According to Recent Figures
Posted on: May 06, 2013 07:23:35 AM
New home closings in the Miami, FL market sank year-over-year in January, and the percentage drop was steeper than December 2012. Closings dropped 33.3% from a year earlier to 275, relative to a 23.5% drop in December from the year earlier.
A total of 5,400 new homes were sold during the 12 months that ended in January, down from 5,537 for the year that ended in December.
A year earlier, new home closings accounted for 3.9% of overall housing closings and the percentage declined to 2.3% of closings in January 2013. Following a year-over-year increase in December, closings of new and existing homes also grew year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes fell 8.6% year-over-year in January to $400,250 per unit. This marks a downturn from the 4.1% rise in December year-over-year.
For newly sold homes, the average mortgage size rose year-over-year in contrast to new home prices. In January 2013, there was a 1.1% rise in the average mortgage size, reaching $276,505. In December 2012, average mortgage size on newly sold homes saw a 1.9% decline from a year earlier. Of the overall sale price, the percentage that was being financed increased 6.6 percentage points year-over-year to 69.1% in January 2013. This came after a 3.7 percentage point decline in December from a year earlier.
New Home Closings and Prices in Miami Decrease According to Recent Figures
Posted on: May 06, 2013 07:23:35 AM
New home closings in the Miami, FL market sank year-over-year in January, and the percentage drop was steeper than December 2012. Closings dropped 33.3% from a year earlier to 275, relative to a 23.5% drop in December from the year earlier.
A total of 5,400 new homes were sold during the 12 months that ended in January, down from 5,537 for the year that ended in December.
A year earlier, new home closings accounted for 3.9% of overall housing closings and the percentage declined to 2.3% of closings in January 2013. Following a year-over-year increase in December, closings of new and existing homes also grew year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes fell 8.6% year-over-year in January to $400,250 per unit. This marks a downturn from the 4.1% rise in December year-over-year.
For newly sold homes, the average mortgage size rose year-over-year in contrast to new home prices. In January 2013, there was a 1.1% rise in the average mortgage size, reaching $276,505. In December 2012, average mortgage size on newly sold homes saw a 1.9% decline from a year earlier. Of the overall sale price, the percentage that was being financed increased 6.6 percentage points year-over-year to 69.1% in January 2013. This came after a 3.7 percentage point decline in December from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes gained from 53.9% in January 2012 to 75.6% of closings in January 2013. At the same time, the share of new home closings belonging to attached units slid to 24.4% of closings from 46.1% of closings.
For all new homes sold, the average unit size declined 20.8% year-over-year to 1,368 square feet in January 2013. The average size of newly sold homes moved from 1,786 square feet in December 2011 to 1,783 square feet in December 2012.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 46.9% of closings, below 60.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 29.9% in January from 41.1% a year earlier while REO closings as a percentage of existing home closings slipped to 16.9% from 18.9% a year earlier.
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Source: Housing Intelligence