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Ocala, FL - Newest New Home Sales Numbers Give Hints Market Gain Building

Posted on: May 07, 2012 09:32:26 AM

In the Ocala, FL market, sales of new homes grew year-over-year in February, and the percentage surge, which was better than January 2012, suggested the market may be improving. New home sales saw a climb of 45.5% from the year earlier to 32 after sales increased 30.4% in January from the year earlier.

A total of 390 new homes were sold during the 12 months that ended in February, up from 380 for the year that ended in January.

Out of all housing sales, new home sales represented 7.0%. This is a rise from 4.8% of sales a year earlier. Following a year-over-year decline in January, sales of new and existing homes also fell year-over-year in February.

Pricing and Mortgage Trends

For newly sold homes, there was a 3.1% rise year-over-year of average price in February, moving to $191,242. This is an upward shift from an 11.5% drop in January from a year earlier.

For newly sold homes, the average mortgage size saw a rise year-over-year along with new home prices. The average mortgage size rose to $139,252 in February, marking a 9.2% rise compared with a year earlier. Average mortgage size climbed 17.4% in January 2012 from a year earlier. For new home sales, the percentage of the sale price that was being financed increased 4.1 percentage points year-over-year to 72.8% in February 2012. This was another hike after January 2012 when there was a 19.8 percentage point rise from a year earlier.

Other Market Trends

The percentage of new home sales belonging to single-family homes has risen from last year while the portion of new home sales belonging to attached units has dropped. The share of new home sales belonging to single-family homes increased from 95.5% in February 2011 to all of sales in February 2012. Meanwhile, attached units as a percentage of all new home sales sank to no part of sales from 4.5% of sales.

For all new homes sold, the average unit size slipped 2.5% year-over-year to 1,979 square feet in February 2012. For newly sold homes, an average size decline contrasting with an average price rise was also seen in January 2012 when the average size of newly sold homes fell 21.7% to 1,522 square feet.

Foreclosures and real estate owned (REO) sales decreased in February from a year earlier, but remained a burden on the market. Foreclosures and REO sales, taken together, made up 47.0% of existing sales, lower than 59.5% a year earlier. The percentage of existing home sales involving foreclosures rose to 22.7% in February from 20.4% a year earlier while REO sales as a percentage of existing home sales dropped to 24.3% from 39.1% a year earlier.

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