Raleigh, NC - Recent New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: May 07, 2012 09:38:41 AM
Sales of new homes in the Raleigh, NC market increased year-over-year in February, but signs of market leveling were showing as the percentage rise was less than January 2012. Sales rose 7.2% from a year earlier to 269, relative to a 24.4% hike in January from the year earlier.
A total of 4,160 new homes were sold during the 12 months that ended in February, up from 4,142 for the year that ended in January.
New home sales accounted for 26.6% of overall housing sales. As a part of the whole, new home sales were 26.2% a year earlier. Sales of new and existing homes rose year-over-year in February after also rising in January year-over-year.
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Pricing and Mortgage Trends
Average price of newly sold homes saw a 4.8% rise year-over-year in February to $260,544 per unit. This rise is a swing up from a 1.7% decline in January from a year earlier.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. The average mortgage size saw a 3.4% rise year-over-year to $225,787 in February. It went from $233,448 to $231,324 from January 2011 to January 2012. On average, the percentage of new home sale price that was being financed declined 1.2 percentage points from a year earlier. It went from 85.0% in January 2011 to 85.7% in January 2012.
Raleigh, NC - Recent New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: May 07, 2012 09:38:41 AM
Sales of new homes in the Raleigh, NC market increased year-over-year in February, but signs of market leveling were showing as the percentage rise was less than January 2012. Sales rose 7.2% from a year earlier to 269, relative to a 24.4% hike in January from the year earlier.
A total of 4,160 new homes were sold during the 12 months that ended in February, up from 4,142 for the year that ended in January.
New home sales accounted for 26.6% of overall housing sales. As a part of the whole, new home sales were 26.2% a year earlier. Sales of new and existing homes rose year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 4.8% rise year-over-year in February to $260,544 per unit. This rise is a swing up from a 1.7% decline in January from a year earlier.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. The average mortgage size saw a 3.4% rise year-over-year to $225,787 in February. It went from $233,448 to $231,324 from January 2011 to January 2012. On average, the percentage of new home sale price that was being financed declined 1.2 percentage points from a year earlier. It went from 85.0% in January 2011 to 85.7% in January 2012.
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. The share of new home sales belonging to single-family homes jumped from 79.3% in February 2011 to 95.2% of sales in February 2012. Meanwhile, attached units as a percentage of all new home sales sank to 4.8% of sales from 20.7% of sales.
There was a move in the average unit size of newly sold homes from 2,416 square feet in February 2011 to 2,398 square feet in February 2012. In January 2012, the average size of newly sold homes slipped 4.8% from the year earlier.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Out of all existing home sales, foreclosures combined with REO sales made up 36.9% of sales. In February 2011, they represented 44.4%. The percentage of existing home sales involving foreclosures rose to 18.4% in February from 14.5% a year earlier while REO sales as a percentage of existing home sales fell to 18.4% from 29.8% a year earlier.
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Source: Housing Intelligence