Salisbury, MD - Latest New Home Sales Swing Upward
Posted on: May 07, 2012 09:42:16 AM
There was an increase in sales of new homes in the Salisbury, MD market in January year-over-year, rising after staying stable in December from the year earlier. Sales stood at six in January after being three a year earlier and the figure was unchanged at seven in December from a year earlier.
A total of 98 new homes were sold during the 12 months that ended in January, up from 95 for the year that ended in December.
New home sales were six out of the 168 total sales, a move on a percentage basis from three of 94 a year earlier. Sales of new and existing homes grew year-over-year in January following a drop in December year-over-year.
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Pricing and Mortgage Trends
The average price of new homes was $169,331 per unit in January 2012, which is down from $250,233 a year ago. This was on the heels of a 30.6% lift in December year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $224,180 to $162,067. Average mortgage size on new homes went from $122,410 in December 2010 to $170,484 in December 2011. For new home sales, the percentage of the sale price that was being financed increased 6.1 percentage points year-over-year to 95.7% in January 2012. This was another rise after December 2011 when there was a 4.7 percentage point rise from a year earlier.
Salisbury, MD - Latest New Home Sales Swing Upward
Posted on: May 07, 2012 09:42:16 AM
There was an increase in sales of new homes in the Salisbury, MD market in January year-over-year, rising after staying stable in December from the year earlier. Sales stood at six in January after being three a year earlier and the figure was unchanged at seven in December from a year earlier.
A total of 98 new homes were sold during the 12 months that ended in January, up from 95 for the year that ended in December.
New home sales were six out of the 168 total sales, a move on a percentage basis from three of 94 a year earlier. Sales of new and existing homes grew year-over-year in January following a drop in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $169,331 per unit in January 2012, which is down from $250,233 a year ago. This was on the heels of a 30.6% lift in December year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $224,180 to $162,067. Average mortgage size on new homes went from $122,410 in December 2010 to $170,484 in December 2011. For new home sales, the percentage of the sale price that was being financed increased 6.1 percentage points year-over-year to 95.7% in January 2012. This was another rise after December 2011 when there was a 4.7 percentage point rise 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 four of six new home sales after accounting for one of three a year earlier. Meanwhile, single-family homes made up two of six new home sales after making up two of three a year earlier.
The average unit size of newly sold homes fell from 2,813 square feet a year earlier to 1,675 square feet.
Foreclosures and real estate owned (REO) sales continued to increase in January from a year earlier and stayed a drag on the market. Foreclosures and REO sales, taken together, made up 71.0% of existing home sales, higher than 59.3% a year earlier. The percentage of existing home sales involving foreclosures rose to 61.1% in January from 31.9% a year earlier while REO sales as a percentage of existing home sales sank to 9.9% from 27.5% a year earlier.
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Source: Housing Intelligence