Newest Figures Show New Home Sales and Prices Rise in Savannah
Posted on: May 06, 2013 07:33:47 AM
In February, closings of new homes in the Savannah, GA market increased year-over-year, recovering from a decline in January 2013. New home closings saw a rise of 2.3% from the year earlier to 45 after closings sank 24.5% in January from the year earlier.
A total of 837 new homes were sold during the 12 months that ended in February, up from 836 for the year that ended in January.
Out of all housing closings, new home closings represented 11.3%. This is an increase on a percentage basis, as new home closings were 9.6% of total closings a year ago. Closings of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
In February, there was an 11.5% boost in the average price of newly sold homes year-over-year, reaching $213,758 per unit. This is an upward shift from the 6.8% decline in January from a year earlier.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. Average mortgage size declined 3.7% to $201,855 in February from a year earlier. Average mortgage size slid 18.1% in January 2013 from a year earlier.
Newest Figures Show New Home Sales and Prices Rise in Savannah
Posted on: May 06, 2013 07:33:47 AM
In February, closings of new homes in the Savannah, GA market increased year-over-year, recovering from a decline in January 2013. New home closings saw a rise of 2.3% from the year earlier to 45 after closings sank 24.5% in January from the year earlier.
A total of 837 new homes were sold during the 12 months that ended in February, up from 836 for the year that ended in January.
Out of all housing closings, new home closings represented 11.3%. This is an increase on a percentage basis, as new home closings were 9.6% of total closings a year ago. Closings of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
In February, there was an 11.5% boost in the average price of newly sold homes year-over-year, reaching $213,758 per unit. This is an upward shift from the 6.8% decline in January from a year earlier.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. Average mortgage size declined 3.7% to $201,855 in February from a year earlier. Average mortgage size slid 18.1% in January 2013 from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes gained from 95.5% in February 2012 to 97.8% of closings in February 2013. At the same time, the share of new home closings belonging to attached units fell to 2.2% of closings from 4.5% of closings.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 55.0% of existing home closings. In February 2012, they made up 63.9%. The percentage of existing home closings involving foreclosures slipped to 23.8% in February from 32.9% a year earlier and REO closings moved from 31.0% of existing home closings in February 2012 to 31.2% in February 2013.
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Source: Housing Intelligence