Palm Bay, FL - Latest Figures for New Home Sales Suggest Market Climb Losing Steam
Posted on: May 07, 2012 09:34:25 AM
In February, sales of new homes increased year-over-year in the Palm Bay, FL market, but the percentage rise, which was less than January 2012, seemed to suggest market leveling. There was a 7.6% rise in new home sales from a year earlier. In comparison, new home sales in the same month last year saw a 20.9% climb year-over-year in January.
A total of 820 new homes were sold during the 12 months that ended in February, up from 815 for the year that ended in January.
Sales of new and existing homes rose year-over-year in February following a decline in January year-over-year.
Advertisement
Pricing and Mortgage Trends
The average price of newly sold homes slipped 1.6% year-over-year in February to $198,082 per unit. This decline a drop off from the 2.8% decline in January from a year earlier.
Average mortgage size on new homes was $181,934 in February, same as a year earlier. In January 2012, average mortgage size dipped 1.4% from a year earlier. Of the overall sale price, the percentage that was being financed increased 1.5 percentage points year-over-year to 91.8% in February 2012. This was another rise after January 2012 when there was a 1.4 percentage point rise from a year earlier.
Palm Bay, FL - Latest Figures for New Home Sales Suggest Market Climb Losing Steam
Posted on: May 07, 2012 09:34:25 AM
In February, sales of new homes increased year-over-year in the Palm Bay, FL market, but the percentage rise, which was less than January 2012, seemed to suggest market leveling. There was a 7.6% rise in new home sales from a year earlier. In comparison, new home sales in the same month last year saw a 20.9% climb year-over-year in January.
A total of 820 new homes were sold during the 12 months that ended in February, up from 815 for the year that ended in January.
Sales of new and existing homes rose year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes slipped 1.6% year-over-year in February to $198,082 per unit. This decline a drop off from the 2.8% decline in January from a year earlier.
Average mortgage size on new homes was $181,934 in February, same as a year earlier. In January 2012, average mortgage size dipped 1.4% from a year earlier. Of the overall sale price, the percentage that was being financed increased 1.5 percentage points year-over-year to 91.8% in February 2012. This was another rise after January 2012 when there was a 1.4 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 rose from 74.2% in February 2011 to 93.0% of sales in February 2012. Meanwhile, attached units as a percentage of all new home sales declined to 7.0% of sales from 25.8% of sales.
For all new homes sold, the average unit size declined 3.9% year-over-year to 1,915 square feet in February 2012.
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, accounted for 41.3% of existing sales, lower than 51.4% a year earlier. The percentage of existing home sales involving foreclosures rose to 24.4% in February from 13.2% a year earlier while REO sales as a percentage of existing home sales slid to 17.0% from 38.2% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence