Tallahassee, FL - Newest Figures for New Home Sales Suggest Market Drop is Mounting
Posted on: May 07, 2012 09:51:08 AM
In the Tallahassee, FL market in February, new home sales declined year-over-year, and the percentage fall was steeper than January 2012, suggesting the market may be worsening. New home sales saw a 40.0% drop from a year earlier to 15. In comparison, new home sales in the same month last year saw a 4.5% decline year-over-year in January.
A total of 252 new homes were sold during the 12 months that ended in February, down from 262 for the year that ended in January.
As a percentage of overall housing sales, new home sales made up 6.4%. This is down from the 10.6% of sales a year earlier. After new and existing sales climbed in January year-over-year, they stayed level in February.
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Pricing and Mortgage Trends
The average price of new homes fell by 2.6% year-over-year to $190,613 per unit in February. This decline is larger than the 1.1% decline in January from a year earlier.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. The average mortgage size sank to $177,635 in February, marking a 27.1% decline compared with last year. Average mortgage size rose 7.4% in January 2012 from a year earlier.
Tallahassee, FL - Newest Figures for New Home Sales Suggest Market Drop is Mounting
Posted on: May 07, 2012 09:51:08 AM
In the Tallahassee, FL market in February, new home sales declined year-over-year, and the percentage fall was steeper than January 2012, suggesting the market may be worsening. New home sales saw a 40.0% drop from a year earlier to 15. In comparison, new home sales in the same month last year saw a 4.5% decline year-over-year in January.
A total of 252 new homes were sold during the 12 months that ended in February, down from 262 for the year that ended in January.
As a percentage of overall housing sales, new home sales made up 6.4%. This is down from the 10.6% of sales a year earlier. After new and existing sales climbed in January year-over-year, they stayed level in February.
Pricing and Mortgage Trends
The average price of new homes fell by 2.6% year-over-year to $190,613 per unit in February. This decline is larger than the 1.1% decline in January from a year earlier.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. The average mortgage size sank to $177,635 in February, marking a 27.1% decline compared with last year. Average mortgage size rose 7.4% in January 2012 from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes jumped from 68.0% in February 2011 to all of sales in February 2012. At the same time, the share of new home sales belonging to attached units dropped to no part of sales from 32.0% of sales.
There was a 26.8% gain year-over-year in the average unit size of newly sold homes to 1,930 square feet in February 2012. The average size of newly sold homes moved from 1,472 square feet in January 2011 to 1,110 square feet in January 2012.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 38.0% of sales. In February 2011, they made up 45.5%. The percentage of existing home sales involving foreclosures rose to 20.4% in February from 19.0% a year earlier while REO sales as a percentage of existing home sales declined to 17.6% from 26.5% a year earlier.
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Source: Housing Intelligence