Sumter, SC - Freshest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:50:44 AM
New home sales in the Sumter, SC market increased year-over-year in February, rebounding from a year-over-year decline in January 2012. New home sales moved from 12 a year earlier to 21 after the figure moved from 16 in January 2011 to 12 in January 2012.
A total of 243 new homes were sold during the 12 months that ended in February, up from 234 for the year that ended in January.
New home sales were 21 of the 88 total sales, up on a percentage basis from 12 of 106 a year earlier. Following a year-over-year rise in January, sales of new and existing homes declined year-over-year in February.
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Pricing and Mortgage Trends
The average price of new homes sold in February 2012 rose to $179,870 from the year-earlier figure of $143,977. This came after a 1.5% decline in January from a year earlier.
Average mortgage size on new homes went from $152,164 a year earlier to $169,611. Average mortgage size on new homes went from $144,734 in January 2011 to $196,956 in January 2012.
Sumter, SC - Freshest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:50:44 AM
New home sales in the Sumter, SC market increased year-over-year in February, rebounding from a year-over-year decline in January 2012. New home sales moved from 12 a year earlier to 21 after the figure moved from 16 in January 2011 to 12 in January 2012.
A total of 243 new homes were sold during the 12 months that ended in February, up from 234 for the year that ended in January.
New home sales were 21 of the 88 total sales, up on a percentage basis from 12 of 106 a year earlier. Following a year-over-year rise in January, sales of new and existing homes declined year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes sold in February 2012 rose to $179,870 from the year-earlier figure of $143,977. This came after a 1.5% decline in January from a year earlier.
Average mortgage size on new homes went from $152,164 a year earlier to $169,611. Average mortgage size on new homes went from $144,734 in January 2011 to $196,956 in January 2012.
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.
Foreclosures and real estate owned (REO) sales declined in February from a year earlier, but stayed a drag on the market. Foreclosures and REO sales, taken together, accounted for 37.3% of existing sales, lower than 51.1% a year earlier. The percentage of existing home sales involving foreclosures dipped to 17.9% in February from 26.6% a year earlier while REO sales as a percentage of existing home sales fell to 19.4% from 24.5% a year earlier.
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Source: Housing Intelligence