Orlando, FL - Latest Figures for New Home Sales Suggest Market Climb Losing Steam
Posted on: May 07, 2012 09:33:32 AM
The Orlando, FL market saw a rise in new home sales in February year-over-year, but there were suggestions the market may be stabilizing with a percentage rise shallower than January 2012. Sales gained 11.4% from a year earlier to 352, compared with a 16.9% climb in January from the year earlier.
A total of 4,422 new homes were sold during the 12 months that ended in February, up from 4,386 for the year that ended in January.
New home sales represented 10.0% of overall housing sales. This marks a rise from 8.2% of total sales a year earlier. Sales of new and existing homes dipped year-over-year in February after also falling in January year-over-year.
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Pricing and Mortgage Trends
The average price of new homes gained year-over-year 11.6% in February to $215,234 per unit. This bump is better than the 4.5% rise in January year-over-year.
The average mortgage size on newly sold homes fell year-over-year in contrast to the average price of new homes. It slipped 1.4% in February from a year earlier, reaching $181,626. In January 2012, average mortgage size dipped 3.4% from a year earlier. For new home sales, the percentage of the sale price that was being financed sank 11.1 percentage points year-over-year to 84.4% in February 2012.
Orlando, FL - Latest Figures for New Home Sales Suggest Market Climb Losing Steam
Posted on: May 07, 2012 09:33:32 AM
The Orlando, FL market saw a rise in new home sales in February year-over-year, but there were suggestions the market may be stabilizing with a percentage rise shallower than January 2012. Sales gained 11.4% from a year earlier to 352, compared with a 16.9% climb in January from the year earlier.
A total of 4,422 new homes were sold during the 12 months that ended in February, up from 4,386 for the year that ended in January.
New home sales represented 10.0% of overall housing sales. This marks a rise from 8.2% of total sales a year earlier. Sales of new and existing homes dipped year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year 11.6% in February to $215,234 per unit. This bump is better than the 4.5% rise in January year-over-year.
The average mortgage size on newly sold homes fell year-over-year in contrast to the average price of new homes. It slipped 1.4% in February from a year earlier, reaching $181,626. In January 2012, average mortgage size dipped 3.4% from a year earlier. For new home sales, the percentage of the sale price that was being financed sank 11.1 percentage points year-over-year to 84.4% in February 2012.
Other Market Trends
Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes climbed from 92.1% in February 2011 to 96.0% of sales in February 2012. Conversely, the share of new home sales belonging to attached units dropped to 4.0% of sales from 7.9% of sales.
There was a 5.8% decline year-over-year in the average unit size of newly sold homes to 1,949 square feet in February 2012. This fall was opposite the price boost, a pattern also seen in January 2012 when the average size of newly sold homes fell 29.8% to 1,686 square feet.
Foreclosures and real estate owned (REO) sales fell in February from a year earlier, but remained a burden on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 51.2% of sales, below 63.7% a year earlier. The percentage of existing home sales involving foreclosures rose to 28.2% in February from 17.7% a year earlier while REO sales as a percentage of existing home sales sank to 23.1% from 46.0% a year earlier.
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Source: Housing Intelligence