Rocky Mount, NC - Freshest New Home Sales Numbers Give Hints Market Decline is Slowing
Posted on: May 07, 2012 09:40:51 AM
Sales of new homes in the Rocky Mount, NC market slid year-over-year in February, but the decline was less than the year-over-year decline in January. New home sales moved from four a year earlier to three after the figure moved from seven in January 2011 to three in January 2012.
A total of 70 new homes were sold during the 12 months that ended in February, down from 71 for the year that ended in January.
Three of the 95 total sales were new home sales, a shift on a percentage basis from four out of 105 a year earlier. Following a year-over-year increase in January, sales of new and existing homes fell year-over-year in February.
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Pricing and Mortgage Trends
The average new home price was $123,333, down from $189,250 a year earlier. This came after a 35.7% fall in January from a year earlier.
Average mortgage size on new homes fell from $190,091 to $89,768. Average mortgage size on new homes went from $201,309 in January 2011 to $126,788 in January 2012.
Rocky Mount, NC - Freshest New Home Sales Numbers Give Hints Market Decline is Slowing
Posted on: May 07, 2012 09:40:51 AM
Sales of new homes in the Rocky Mount, NC market slid year-over-year in February, but the decline was less than the year-over-year decline in January. New home sales moved from four a year earlier to three after the figure moved from seven in January 2011 to three in January 2012.
A total of 70 new homes were sold during the 12 months that ended in February, down from 71 for the year that ended in January.
Three of the 95 total sales were new home sales, a shift on a percentage basis from four out of 105 a year earlier. Following a year-over-year increase in January, sales of new and existing homes fell year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $123,333, down from $189,250 a year earlier. This came after a 35.7% fall in January from a year earlier.
Average mortgage size on new homes fell from $190,091 to $89,768. Average mortgage size on new homes went from $201,309 in January 2011 to $126,788 in January 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family homes continued to account for all of new home sales.
The average unit size of newly sold homes fell from 1,606 square feet a year earlier to 1,456 square feet.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales accounted for 63.0% of existing home sales. They made up 61.4% in February 2011. The percentage of existing home sales involving foreclosures rose to 40.2% in February from 25.7% a year earlier while REO sales as a percentage of existing home sales fell to 22.8% from 35.6% a year earlier.
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Source: Housing Intelligence