Latest Figures Show New Home Sales and Prices Climb in Rocky Mount
Posted on: May 06, 2013 07:31:33 AM
There was a rise in closings of new homes in the Rocky Mount, NC market in February year-over-year, but the increase was less than January 2013. New home closings moved from three a year earlier to five after the figure moved from two in January 2012 to eight in January 2013.
A total of 58 new homes were sold during the 12 months that ended in February, up from 56 for the year that ended in January.
New home closings were five out of 106 total closings, making up 4.7%. This is up on a percentage basis from three of 102 a year earlier. Following a year-over-year increase in January, closings of new and existing homes also rose year-over-year in February.
Pricing and Mortgage Trends
The average new home value went from $123,333 last year to $176,700,. This came after a 23.9% surge in January year-over-year.
From the year-ago figure of $89,768, the average mortgage size on new homes moved up to $136,692. Average mortgage size on new homes went from $176,308 in January 2012 to $198,482 in January 2013. The overall percentage of sale price that was being financed increased 4.6 percentage points year-over-year to 77.4% in February 2013. This came after a 9.1 percentage point decline in January from a year earlier.
Latest Figures Show New Home Sales and Prices Climb in Rocky Mount
Posted on: May 06, 2013 07:31:33 AM
There was a rise in closings of new homes in the Rocky Mount, NC market in February year-over-year, but the increase was less than January 2013. New home closings moved from three a year earlier to five after the figure moved from two in January 2012 to eight in January 2013.
A total of 58 new homes were sold during the 12 months that ended in February, up from 56 for the year that ended in January.
New home closings were five out of 106 total closings, making up 4.7%. This is up on a percentage basis from three of 102 a year earlier. Following a year-over-year increase in January, closings of new and existing homes also rose year-over-year in February.
Pricing and Mortgage Trends
The average new home value went from $123,333 last year to $176,700,. This came after a 23.9% surge in January year-over-year.
From the year-ago figure of $89,768, the average mortgage size on new homes moved up to $136,692. Average mortgage size on new homes went from $176,308 in January 2012 to $198,482 in January 2013. The overall percentage of sale price that was being financed increased 4.6 percentage points year-over-year to 77.4% in February 2013. This came after a 9.1 percentage point decline in January from a year earlier.
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 2013. Single-family homes continued to account for all of new home closings.
The average unit size of newly sold homes fell from 1,456 square feet a year earlier to 1,353 square feet.
Foreclosures and real estate owned (REO) closings remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 57.4% of closings. In February 2012, they accounted for 65.7%. The percentage of existing home closings involving foreclosures declined to 18.8% in February from 43.4% a year earlier while REO closings as a percentage of existing home closings jumped to 38.6% from 22.2%.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Rocky Mount, NC area.
Source: Housing Intelligence