Spartanburg, SC - Latest New Home Sales Swing Upward
Posted on: May 07, 2012 09:48:00 AM
In the Spartanburg, SC market in February, sales of new homes increased year-over-year, increasing after staying level in January. Sales stood at 22 in February after being 14 a year earlier and the figure was unchanged at 18 in January from a year earlier.
A total of 282 new homes were sold during the 12 months that ended in February, up from 274 for the year that ended in January.
New home sales were 22 of the 226 total sales, up on a percentage basis from 14 of 182 a year earlier. Following a year-over-year increase in January, sales of new and existing homes also grew year-over-year in February.
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Pricing and Mortgage Trends
The average per-unit price of new homes was $173,411 in February 2012, moving south from $179,789 a year earlier. This was on the heels of a 7.9% rise in January year-over-year.
The average mortgage size on new homes was $180,327, up from $159,704. In January 2012, average mortgage size on newly sold homes saw a 15.9% lift year-over-year from a year earlier.
Spartanburg, SC - Latest New Home Sales Swing Upward
Posted on: May 07, 2012 09:48:00 AM
In the Spartanburg, SC market in February, sales of new homes increased year-over-year, increasing after staying level in January. Sales stood at 22 in February after being 14 a year earlier and the figure was unchanged at 18 in January from a year earlier.
A total of 282 new homes were sold during the 12 months that ended in February, up from 274 for the year that ended in January.
New home sales were 22 of the 226 total sales, up on a percentage basis from 14 of 182 a year earlier. Following a year-over-year increase in January, sales of new and existing homes also grew year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $173,411 in February 2012, moving south from $179,789 a year earlier. This was on the heels of a 7.9% rise in January year-over-year.
The average mortgage size on new homes was $180,327, up from $159,704. In January 2012, average mortgage size on newly sold homes saw a 15.9% lift year-over-year 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 2012. Single-family homes continued to account for all of new home sales.
The average unit size of newly sold homes rose from 1,920 square feet a year earlier to 2,134 square feet.
Foreclosures and real estate owned (REO) sales continued to rise in February from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO sales represented 57.8% of existing home sales, above 41.7% a year earlier. The percentage of existing home sales involving foreclosures rose to 15.7% in February from 8.3% a year earlier while REO sales as a percentage of existing home sales increased to 42.2% from 33.3%.
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Source: Housing Intelligence