Panama City, FL - Newest New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 07, 2012 09:35:04 AM
In February, the Panama City, FL market saw a fall year-over-year in new home sales, a decline following a rise in January 2012. New home sales moved from 20 a year earlier to nine after the figure moved from five in January 2011 to 20 in January 2012.
A total of 254 new homes were sold during the 12 months that ended in February, down from 265 for the year that ended in January.
Last year, 20 of 216 total sales were new homes, and this percentage saw a decline as new home sales this year made up nine of the 258 total sales. After dropping in January from a year earlier, sales of new and existing homes climbed year-over-year in February.
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Pricing and Mortgage Trends
The average new home price was $190,111, down from $219,885 a year earlier. This followed a 15.3% decline in January from a year earlier.
Average mortgage size on new homes moved from $189,389 to $190,484. Average mortgage size on new homes went from $178,951 in January 2011 to $172,779 in January 2012.
Panama City, FL - Newest New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 07, 2012 09:35:04 AM
In February, the Panama City, FL market saw a fall year-over-year in new home sales, a decline following a rise in January 2012. New home sales moved from 20 a year earlier to nine after the figure moved from five in January 2011 to 20 in January 2012.
A total of 254 new homes were sold during the 12 months that ended in February, down from 265 for the year that ended in January.
Last year, 20 of 216 total sales were new homes, and this percentage saw a decline as new home sales this year made up nine of the 258 total sales. After dropping in January from a year earlier, sales of new and existing homes climbed year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $190,111, down from $219,885 a year earlier. This followed a 15.3% decline in January from a year earlier.
Average mortgage size on new homes moved from $189,389 to $190,484. Average mortgage size on new homes went from $178,951 in January 2011 to $172,779 in January 2012.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up five of nine new home sales after accounting for nine of 20 a year earlier. Meanwhile, single-family homes made up four of nine new home sales after making up 11 of 20 a year earlier.
The average unit size of newly sold homes fell from 1,355 square feet a year earlier to 1,185 square feet.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Combined, foreclosures plus REO sales made up 37.3% of existing home sales. In February 2011, they represented 41.3%. The percentage of existing home sales involving foreclosures went from 12.2% in February 2011 to 12.4% in February 2012 and REO sales as a percentage of existing home sales slipped to 24.9% from 29.1% a year earlier.
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Source: Housing Intelligence