Roanoke, VA - Latest New Home Sales Decline Year-Over-Year in January After Rising Year-Over-Year in December
Posted on: May 07, 2012 09:40:15 AM
In the Roanoke, VA market, new home sales declined year-over-year in January, dropping after a year-over-year increase in December 2011. New home sales moved from seven a year earlier to six after the figure moved from 16 in December 2010 to 23 in December 2011.
A total of 136 new homes were sold during the 12 months that ended in January, down from 137 for the year that ended in December.
Six of the 142 total sales were new home sales, a shift on a percentage basis from seven out of 173 a year earlier. For new and existing homes, sales sank in January after also declining in December year-over-year.
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Pricing and Mortgage Trends
The average value of newly sold homes in January 2012 was $113,417, down from last year's $274,950. This followed a 23.3% fall in December from a year earlier.
Average mortgage size on new homes fell from $284,301 to $145,505. Average mortgage size dropped 35.6% in December 2011 from a year earlier.
Roanoke, VA - Latest New Home Sales Decline Year-Over-Year in January After Rising Year-Over-Year in December
Posted on: May 07, 2012 09:40:15 AM
In the Roanoke, VA market, new home sales declined year-over-year in January, dropping after a year-over-year increase in December 2011. New home sales moved from seven a year earlier to six after the figure moved from 16 in December 2010 to 23 in December 2011.
A total of 136 new homes were sold during the 12 months that ended in January, down from 137 for the year that ended in December.
Six of the 142 total sales were new home sales, a shift on a percentage basis from seven out of 173 a year earlier. For new and existing homes, sales sank in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2012 was $113,417, down from last year's $274,950. This followed a 23.3% fall in December from a year earlier.
Average mortgage size on new homes fell from $284,301 to $145,505. Average mortgage size dropped 35.6% in December 2011 from a year earlier.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up one of six new home sales after accounting for no part of sales a year earlier. Meanwhile, single-family homes made up five of six new home sales after making up all of sales a year earlier.
The average unit size of newly sold homes fell from 2,734 square feet a year earlier to 1,439 square feet.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Out of all existing home sales, foreclosures combined with REO sales represented 48.5% of sales. In January 2011, they accounted for 39.8%. The percentage of existing home sales involving foreclosures rose to 25.0% in January from 18.7% a year earlier while REO sales as a percentage of existing home sales rose to 23.5% from 21.1%.
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Source: Housing Intelligence