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Punta Gorda, FL - Freshest New Home Sales Numbers Give Hints Market Gain Subsiding

Posted on: May 07, 2012 09:38:33 AM

In the Punta Gorda, FL market, sales of new homes rose year-over-year in February, but the percentage hike, which was less than January 2012, seemed to suggest market leveling. New home sales increased by 19.0% in February 2012 from a year earlier, after sales saw a 42.9% rise in January from the year earlier.

A total of 396 new homes were sold during the 12 months that ended in February, up from 392 for the year that ended in January.

As a percentage of overall housing sales, new home sales made up 5.5%. This is a rise from 4.1% of sales a year earlier. For new and existing homes, sales sank in February after also declining in January year-over-year.

Pricing and Mortgage Trends

In February, the average price of newly sold homes declined year-over-year to $146,224 per unit, marking a 22.1% decline from the year-earlier figure. This fall is larger than the 11.9% decline in January from a year earlier.

The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. In February 2012, average mortgage size on new homes sold was $133,361, down 6.5% from a year earlier. Average mortgage size gained 17.0% in January 2012 from a year earlier. Of the overall sale price, the percentage that was being financed climbed 15.2 percentage points year-over-year to 91.2% in February 2012.

Other Market Trends

Sales of attached units, as a percentage of new home sales, have risen from last year while sales of single-family homes have slumped. Attached unit sales increased from 19.0% of all sales in February 2011 to 28.0% of sales in February 2012. At the same time, the share belonging to single-family homes dropped to 72.0% of sales from 81.0% of sales.

The average unit size of newly sold homes rose 9.7% year-over-year to 1,800 square feet in February 2012. For newly sold homes, an average size boost contrasting with an average price drop was also seen in January 2012 when the average size of newly sold homes sank 24.0% to 1,769 square feet.

Foreclosures and real estate owned (REO) sales fell in February from a year earlier, but stayed a drag on the market. Foreclosures and REO sales, taken together, accounted for 43.5% of existing sales, lower than 55.4% a year earlier. The percentage of existing home sales involving foreclosures fell to 18.0% in February from 21.5% a year earlier while REO sales as a percentage of existing home sales slipped to 25.5% from 33.9% a year earlier.

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