New Home Sales and Prices Drop in Salisbury According to Latest Data
Posted on: May 06, 2013 07:32:16 AM
In the Salisbury, MD market, closings of new homes declined year-over-year in January, and the decline was by a larger percentage than the December 2012. New home closings moved from six a year earlier to three after the figure moved from eight in December 2011 to five in December 2012.
A total of 60 new homes were sold during the 12 months that ended in January, down from 63 for the year that ended in December.
Three of the 77 total closings were new home closings, a shift on a percentage basis from six out of 172 a year earlier. Following a year-over-year rise in December, closings of new and existing homes slid year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $160,500, compared with $169,331 last year. This was on the heels of a 20.7% decline in December from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $162,067 to $156,600. Average mortgage size on new homes went from $190,178 in December 2011 to $179,137 in December 2012. The overall percentage of sale price that was being financed rose 1.9 percentage points year-over-year to 97.6% in January 2013. This was another lift after December 2012 when there was a 15.0 percentage point surge from a year earlier.
New Home Sales and Prices Drop in Salisbury According to Latest Data
Posted on: May 06, 2013 07:32:16 AM
In the Salisbury, MD market, closings of new homes declined year-over-year in January, and the decline was by a larger percentage than the December 2012. New home closings moved from six a year earlier to three after the figure moved from eight in December 2011 to five in December 2012.
A total of 60 new homes were sold during the 12 months that ended in January, down from 63 for the year that ended in December.
Three of the 77 total closings were new home closings, a shift on a percentage basis from six out of 172 a year earlier. Following a year-over-year rise in December, closings of new and existing homes slid year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $160,500, compared with $169,331 last year. This was on the heels of a 20.7% decline in December from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $162,067 to $156,600. Average mortgage size on new homes went from $190,178 in December 2011 to $179,137 in December 2012. The overall percentage of sale price that was being financed rose 1.9 percentage points year-over-year to 97.6% in January 2013. This was another lift after December 2012 when there was a 15.0 percentage point surge from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen. Single-family home closings made up two of three new home closings after accounting for two of six a year earlier. Meanwhile, attached units made up one of three new home closings after making up four of six closings a year earlier.
The average unit size of newly sold homes fell from 1,670 square feet a year earlier to 1,175 square feet.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 31.1% of existing home closings, down from 70.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 17.6% in January from 60.8% a year earlier while REO closings as a percentage of existing home closings increased to 13.5% from 9.6%.
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Source: Housing Intelligence