New Home Sales and Prices Both Increase in Panama City According to Newest Data
Posted on: May 06, 2013 07:28:00 AM
Closings of new homes in the Panama City, FL market jumped year-over-year in February, rebounding from a year-over-year decline in January 2013. New home closings moved from 11 a year earlier to 16 after the figure moved from 19 in January 2012 to 15 in January 2013.
A total of 219 new homes were sold during the 12 months that ended in February, up from 214 for the year that ended in January.
Sixteen of the 360 total closings were new home closings, a shift on a percentage basis from 11 out of 266 a year earlier. Closings of new and existing homes gained year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $197,423, an increase from $193,636 a year earlier. This followed a 11.0% rise in January year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $190,484 to $184,089. In January 2013, average mortgage size increased 25.3% from a year earlier. The overall percentage of sale price that was being financed fell 5.1 percentage points year-over-year to 93.2% in February 2013. In January 2013, there was an 11.2 percentage point hike from a year earlier.
New Home Sales and Prices Both Increase in Panama City According to Newest Data
Posted on: May 06, 2013 07:28:00 AM
Closings of new homes in the Panama City, FL market jumped year-over-year in February, rebounding from a year-over-year decline in January 2013. New home closings moved from 11 a year earlier to 16 after the figure moved from 19 in January 2012 to 15 in January 2013.
A total of 219 new homes were sold during the 12 months that ended in February, up from 214 for the year that ended in January.
Sixteen of the 360 total closings were new home closings, a shift on a percentage basis from 11 out of 266 a year earlier. Closings of new and existing homes gained year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $197,423, an increase from $193,636 a year earlier. This followed a 11.0% rise in January year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $190,484 to $184,089. In January 2013, average mortgage size increased 25.3% from a year earlier. The overall percentage of sale price that was being financed fell 5.1 percentage points year-over-year to 93.2% in February 2013. In January 2013, there was an 11.2 percentage point hike from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen. Single-family home closings made up 14 of 16 new home closings after accounting for four of 11 a year earlier. Meanwhile, attached units made up two of 16 new home closings after making up seven of 11 closings a year earlier.
The average unit size of newly sold homes fell from 1,229 square feet a year earlier to 1,147 square feet.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Together, foreclosures plus REO closings accounted for 45.6% of existing home closings. They made up 39.6% in February 2012. The percentage of existing home closings involving foreclosures rose to 23.0% in February from 13.3% a year earlier while REO closings as a percentage of existing home closings dipped to 22.7% from 26.3% a year earlier.
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Source: Housing Intelligence