Latest Figures Show New Home Prices Rise, Sales Decline in Palm Bay
Posted on: May 06, 2013 07:27:44 AM
In February, there was a decline year-over-year in new home closings in the Palm Bay, FL market, sliding down after a hike in January 2013. New home closings saw a 17.5% fall from a year earlier to 52 after closings gained 35.0% in January from the year earlier.
A total of 695 new homes were sold during the 12 months that ended in February, down from 706 for the year that ended in January.
Compared to a year earlier, new home closings reflected 4.5% of overall housing closings, down from 6.6% last year. Following a year-over-year increase in January, closings of new and existing homes also climbed year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes increased to $214,872 per unit, a 1.9% rise year-over-year. This is a turnaround from the 11.0% drop in January from a year earlier.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In February 2013, the average mortgage size on newly sold homes saw a 1.7% rise from a year earlier. In January 2013, average mortgage size on newly sold homes saw an 8.3% decline from a year earlier. The overall percentage of sale price that was being financed went from 90.7% of average price to 90.6% from a year earlier. This came after a 2.8 percentage point rise in January from the year earlier.
Latest Figures Show New Home Prices Rise, Sales Decline in Palm Bay
Posted on: May 06, 2013 07:27:44 AM
In February, there was a decline year-over-year in new home closings in the Palm Bay, FL market, sliding down after a hike in January 2013. New home closings saw a 17.5% fall from a year earlier to 52 after closings gained 35.0% in January from the year earlier.
A total of 695 new homes were sold during the 12 months that ended in February, down from 706 for the year that ended in January.
Compared to a year earlier, new home closings reflected 4.5% of overall housing closings, down from 6.6% last year. Following a year-over-year increase in January, closings of new and existing homes also climbed year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes increased to $214,872 per unit, a 1.9% rise year-over-year. This is a turnaround from the 11.0% drop in January from a year earlier.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In February 2013, the average mortgage size on newly sold homes saw a 1.7% rise from a year earlier. In January 2013, average mortgage size on newly sold homes saw an 8.3% decline from a year earlier. The overall percentage of sale price that was being financed went from 90.7% of average price to 90.6% from a year earlier. This came after a 2.8 percentage point rise in January from the year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings gained from 93.7% of new closings in February 2012 to 96.2% of closings in February 2013. Meanwhile, attached units as a percentage of all new home closings sank to 3.8% of closings from 6.3% of closings.
Foreclosures and real estate owned (REO) closings remained level in February from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 43.0% of closings, relatively unmoved from a year earlier. The percentage of existing home closings involving foreclosures rose to 27.0% in February from 25.9% a year earlier while REO closings as a percentage of existing home closings declined to 16.0% from 17.7% a year earlier.
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Source: Housing Intelligence