Savannah, GA - Freshest New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: May 07, 2012 09:45:57 AM
The Savannah, GA market saw an increase in sales of new homes in February year-over-year, but the percentage edged up less than January 2012, suggesting the market may be leveling out. New home sales saw a boost of 10.8% from the year earlier to 41. This came on the heels of a more than twofold hike year-over-year in January.
A total of 881 new homes were sold during the 12 months that ended in February, up from 877 for the year that ended in January.
Of 422 total sales, 41 were of new homes. This is a rise from 8.4% of sales 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 per-unit price of newly sold homes increased year-over-year to $195,980 in February, up 6.2% from last year. This rise is smaller than the 15.2% hike in January year-over-year.
There was a gain year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size rose to $209,672 in February, marking a 14.0% surge compared with a year earlier. Average mortgage size grew 35.9% in January 2012 from a year earlier.
Savannah, GA - Freshest New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: May 07, 2012 09:45:57 AM
The Savannah, GA market saw an increase in sales of new homes in February year-over-year, but the percentage edged up less than January 2012, suggesting the market may be leveling out. New home sales saw a boost of 10.8% from the year earlier to 41. This came on the heels of a more than twofold hike year-over-year in January.
A total of 881 new homes were sold during the 12 months that ended in February, up from 877 for the year that ended in January.
Of 422 total sales, 41 were of new homes. This is a rise from 8.4% of sales 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 per-unit price of newly sold homes increased year-over-year to $195,980 in February, up 6.2% from last year. This rise is smaller than the 15.2% hike in January year-over-year.
There was a gain year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size rose to $209,672 in February, marking a 14.0% surge compared with a year earlier. Average mortgage size grew 35.9% in January 2012 from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. Single-family home sales gained from 89.2% of new sales in February 2011 to 95.1% of sales in February 2012. Meanwhile, attached units as a percentage of all new home sales sank to 4.9% of sales from 10.8% of sales.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales accounted for 61.2% of existing home sales. In February 2011, they made up 66.7%. The percentage of existing home sales involving foreclosures slipped to 27.6% in February from 33.0% a year earlier and REO sales moved from 33.7% of existing home sales in February 2011 to 33.6% in February 2012.
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Source: Housing Intelligence