New Home Sales Gain in Pensacola, Prices Fall According to Freshest Data
Posted on: May 06, 2013 07:28:16 AM
In the Pensacola, FL market, closings of new homes climbed year-over-year in February, and the percentage surge was an improvement from January 2013, suggesting the market may be gaining momentum. New home closings saw a boost of 54.8% from the year earlier to 65. This came after a 36.8% boost year-over-year in January.
A total of 938 new homes were sold during the 12 months that ended in February, up from 915 for the year that ended in January.
As a percentage of overall housing closings, new home closings made up 10.7%. This is up from the 8.7% of closings a year earlier. For new and existing homes, closings increased year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes fell by 5.0% year-over-year to $179,487 per unit in February. This decline is a drop off from the 10.8% decline in January from a year earlier.
The average mortgage size on newly sold homes fell year-over-year in contrast to the average price of new homes. In February 2013, average mortgage size on new homes sold was $155,036, down 12.0% from a year earlier. Average mortgage size dipped 9.7% in January 2013 from a year earlier. For new home closings, the percentage of the sale price that was being financed declined 6.9 percentage points year-over-year to 86.4% in February 2013. This came after a 1.1 percentage point rise in January from a year earlier.
New Home Sales Gain in Pensacola, Prices Fall According to Freshest Data
Posted on: May 06, 2013 07:28:16 AM
In the Pensacola, FL market, closings of new homes climbed year-over-year in February, and the percentage surge was an improvement from January 2013, suggesting the market may be gaining momentum. New home closings saw a boost of 54.8% from the year earlier to 65. This came after a 36.8% boost year-over-year in January.
A total of 938 new homes were sold during the 12 months that ended in February, up from 915 for the year that ended in January.
As a percentage of overall housing closings, new home closings made up 10.7%. This is up from the 8.7% of closings a year earlier. For new and existing homes, closings increased year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes fell by 5.0% year-over-year to $179,487 per unit in February. This decline is a drop off from the 10.8% decline in January from a year earlier.
The average mortgage size on newly sold homes fell year-over-year in contrast to the average price of new homes. In February 2013, average mortgage size on new homes sold was $155,036, down 12.0% from a year earlier. Average mortgage size dipped 9.7% in January 2013 from a year earlier. For new home closings, the percentage of the sale price that was being financed declined 6.9 percentage points year-over-year to 86.4% in February 2013. This came after a 1.1 percentage point rise in January from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached unit closings grew from no part of all closings in February 2012 to 1.5% of closings in February 2013. At the same time, the share belonging to single-family homes sank to 98.5% of closings from all of closings.
The average unit size of newly sold homes dropped 43.6% year-over-year to 1,210 square feet in February 2013.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 43.7% of existing home closings. In February 2012, they made up 45.9%. The percentage of existing home closings involving foreclosures went from 25.7% in February 2012 to 25.9% in February 2013 and REO closings as a percentage of existing home closings slipped to 17.8% from 20.2% a year earlier.
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Source: Housing Intelligence