Pensacola, FL - Freshest Figures for New Home Sales Suggest Market Decline is Subsiding
Posted on: May 07, 2012 09:35:25 AM
Sales of new homes in the Pensacola, FL market declined year-over-year in February, but the percentage decline was not as harsh as January 2012, giving suggestion that the market may be stabilizing. New home sales saw a 2.1% decline from a year earlier to 47. This came after a 32.1% decline year-over-year in January.
A total of 729 new homes were sold during the 12 months that ended in February, down from 730 for the year that ended in January.
A year earlier, new home sales accounted for 13.5% of overall housing sales and the percentage declined to 9.9% of sales in February 2012. After dropping in January from a year earlier, sales of new and existing homes jumped year-over-year in February.
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Pricing and Mortgage Trends
The average price of new homes went from $193,875 in February 2011 to $195,687 in February 2012. This came after a 25.6% gain in January year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. In February 2012, there was a 10.4% bump in the average mortgage size, reaching $184,475. Average mortgage size rose 17.7% in January 2012 from a year earlier. For new home sales, the percentage of the sale price that was being financed increased 8.1 percentage points year-over-year to 94.3% in February 2012. In January 2012, there was a 6.0 percentage point decline in January from a year earlier.
Pensacola, FL - Freshest Figures for New Home Sales Suggest Market Decline is Subsiding
Posted on: May 07, 2012 09:35:25 AM
Sales of new homes in the Pensacola, FL market declined year-over-year in February, but the percentage decline was not as harsh as January 2012, giving suggestion that the market may be stabilizing. New home sales saw a 2.1% decline from a year earlier to 47. This came after a 32.1% decline year-over-year in January.
A total of 729 new homes were sold during the 12 months that ended in February, down from 730 for the year that ended in January.
A year earlier, new home sales accounted for 13.5% of overall housing sales and the percentage declined to 9.9% of sales in February 2012. After dropping in January from a year earlier, sales of new and existing homes jumped year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes went from $193,875 in February 2011 to $195,687 in February 2012. This came after a 25.6% gain in January year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. In February 2012, there was a 10.4% bump in the average mortgage size, reaching $184,475. Average mortgage size rose 17.7% in January 2012 from a year earlier. For new home sales, the percentage of the sale price that was being financed increased 8.1 percentage points year-over-year to 94.3% in February 2012. In January 2012, there was a 6.0 percentage point decline in January from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. Single-family home sales climbed from 93.8% of new sales in February 2011 to all of sales in February 2012. At the same time, the share of new home sales belonging to attached units slid to no part of sales from 6.2% of sales.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Combined, foreclosures plus REO sales represented 45.0% of existing home sales. In February 2011, they accounted for 48.2%. The percentage of existing home sales involving foreclosures rose to 25.2% in February from 17.6% a year earlier while REO sales as a percentage of existing home sales dropped to 19.8% from 30.6% a year earlier.
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Source: Housing Intelligence