Prices of New Homes Gain in Valdosta, Sales Decrease According to Latest Data
Posted on: May 06, 2013 07:37:50 AM
In the Valdosta, GA market, new home closings dropped year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 12 a year earlier to 10 after the figure moved from 10 in January 2012 to six in January 2013.
A total of 181 new homes were sold during the 12 months that ended in February, down from 183 for the year that ended in January.
Ten of the 122 total closings were new home closings, a shift on a percentage basis from 12 out of 143 a year earlier. Following a year-over-year decline in January, closings of new and existing homes also fell year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $185,086, up from $159,240 a year earlier. This was on the heels of a 1.0% rise in January year-over-year.
Average mortgage size on new homes went from $157,093 a year earlier to $171,775. Average mortgage size on new homes went from $161,414 in January 2012 to $170,433 in January 2013.
Prices of New Homes Gain in Valdosta, Sales Decrease According to Latest Data
Posted on: May 06, 2013 07:37:50 AM
In the Valdosta, GA market, new home closings dropped year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 12 a year earlier to 10 after the figure moved from 10 in January 2012 to six in January 2013.
A total of 181 new homes were sold during the 12 months that ended in February, down from 183 for the year that ended in January.
Ten of the 122 total closings were new home closings, a shift on a percentage basis from 12 out of 143 a year earlier. Following a year-over-year decline in January, closings of new and existing homes also fell year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $185,086, up from $159,240 a year earlier. This was on the heels of a 1.0% rise in January year-over-year.
Average mortgage size on new homes went from $157,093 a year earlier to $171,775. Average mortgage size on new homes went from $161,414 in January 2012 to $170,433 in January 2013.
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 2013. Single-family homes continued to account for all of new home closings.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Combined, foreclosures plus REO closings made up 46.4% of existing home closings. In February 2012, they accounted for 50.4%. The percentage of existing home closings involving foreclosures declined to 24.1% in February from 29.8% a year earlier while REO closings as a percentage of existing home closings increased to 22.3% from 20.6%.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Valdosta, GA area.
Source: Housing Intelligence