Raleigh, NC - Recent New Home Sales Decline Year-Over-Year in November After Rising Year-Over-Year in October
Posted on: Feb 06, 2012 09:36:51 AM
New home sales slid year-over-year in November in the Raleigh, NC market, curving down after an increase in October 2011. New home sales saw a fall of 14.0% from the year earlier to 282. In comparison, new home sales in the same month last year saw a 16.9% rise year-over-year in October.
A total of 4,014 new homes were sold during the 12 months that ended in November, down from 4,060 for the year that ended in October.
New home sales made up 34.5% of overall housing sales. This is a gain from 30.2% of sales a year earlier. Following a year-over-year rise in October, sales of new and existing homes declined year-over-year in November.
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Pricing and Mortgage Trends
The average price of new homes dropped by 11.2% year-over-year to $257,238 per unit in November. This decline follows a move from $261,055 per unit to $263,283 from November 2009 to October 2011.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. In November 2011, there was a 12.8% drop in the average mortgage size on new homes to $225,773. In October 2011, average mortgage size fell 9.5% from a year earlier. The overall percentage of sale price that was being financed slipped 1.6 percentage points year-over-year to 87.8% in November 2011.
Raleigh, NC - Recent New Home Sales Decline Year-Over-Year in November After Rising Year-Over-Year in October
Posted on: Feb 06, 2012 09:36:51 AM
New home sales slid year-over-year in November in the Raleigh, NC market, curving down after an increase in October 2011. New home sales saw a fall of 14.0% from the year earlier to 282. In comparison, new home sales in the same month last year saw a 16.9% rise year-over-year in October.
A total of 4,014 new homes were sold during the 12 months that ended in November, down from 4,060 for the year that ended in October.
New home sales made up 34.5% of overall housing sales. This is a gain from 30.2% of sales a year earlier. Following a year-over-year rise in October, sales of new and existing homes declined year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes dropped by 11.2% year-over-year to $257,238 per unit in November. This decline follows a move from $261,055 per unit to $263,283 from November 2009 to October 2011.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. In November 2011, there was a 12.8% drop in the average mortgage size on new homes to $225,773. In October 2011, average mortgage size fell 9.5% from a year earlier. The overall percentage of sale price that was being financed slipped 1.6 percentage points year-over-year to 87.8% in November 2011.
Other Market Trends
Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes jumped from 81.7% in November 2010 to 97.2% of sales in November 2011. At the same time, the share of new home sales belonging to attached units declined to 2.8% of sales from 18.3% of sales.
For all new homes sold, the average unit size slid 14.5% year-over-year to 2,230 square feet in November 2011. A decline was also seen in October 2011 when the average size of new homes sold fell 14.7% to 2,041 square feet.
Foreclosures and real estate owned (REO) sales continued to fall from a year earlier in November, but did not appear to be dragging the market. Foreclosures and REO sales, taken together, accounted for 21.9% of existing sales, lower than 32.5% a year earlier. The percentage of existing home sales involving foreclosures declined to 13.1% in November from 17.9% a year earlier while REO sales as a percentage of existing home sales fell to 8.8% from 14.5% a year earlier.
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Source: Housing Intelligence