New Home Prices Rise in Virginia Beach According to Recent Figures, Sales Decrease
Posted on: May 06, 2013 07:38:24 AM
Closings of new homes in the Virginia Beach, VA market dipped year-over-year in January, but the decline in percentage terms was not as steep as December 2012, signaling market improvement. New home closings saw a decline of 5.0% from the year earlier to 115 after closings slid 32.5% in December from the year earlier.
A total of 2,198 new homes were sold during the 12 months that ended in January, down from 2,204 for the year that ended in December.
Following a year-over-year decline in December, closings of new and existing homes also declined year-over-year in January.
Pricing and Mortgage Trends
Average price of newly sold homes had a 10.7% boost year-over-year to $311,855 per unit in January. This is an about-face from the 11.0% drop in December from a year earlier.
The average mortgage size on newly sold homes climbed year-over-year along with the average price of new homes. It increased to $287,612 in January, a 15.6% rise. In December 2012, average mortgage size on newly sold homes saw an 8.3% decline from a year earlier. Of the overall sale price, the percentage that was being financed rose 3.9 percentage points year-over-year to 92.2% in January 2013. This was another rise after December 2012 when there was a 2.8 percentage point rise from a year earlier.
New Home Prices Rise in Virginia Beach According to Recent Figures, Sales Decrease
Posted on: May 06, 2013 07:38:24 AM
Closings of new homes in the Virginia Beach, VA market dipped year-over-year in January, but the decline in percentage terms was not as steep as December 2012, signaling market improvement. New home closings saw a decline of 5.0% from the year earlier to 115 after closings slid 32.5% in December from the year earlier.
A total of 2,198 new homes were sold during the 12 months that ended in January, down from 2,204 for the year that ended in December.
Following a year-over-year decline in December, closings of new and existing homes also declined year-over-year in January.
Pricing and Mortgage Trends
Average price of newly sold homes had a 10.7% boost year-over-year to $311,855 per unit in January. This is an about-face from the 11.0% drop in December from a year earlier.
The average mortgage size on newly sold homes climbed year-over-year along with the average price of new homes. It increased to $287,612 in January, a 15.6% rise. In December 2012, average mortgage size on newly sold homes saw an 8.3% decline from a year earlier. Of the overall sale price, the percentage that was being financed rose 3.9 percentage points year-over-year to 92.2% in January 2013. This was another rise after December 2012 when there was a 2.8 percentage point rise from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes jumped from 81.0% in January 2012 to 94.8% of closings in January 2013. Conversely, the share of new home closings belonging to attached units slid to 5.2% of closings from 19.0% of closings.
There was a 4.8% rise year-over-year in the average unit size of newly sold homes to 2,319 square feet in January 2013. The average size of newly sold homes moved from 2,380 square feet in December 2011 to 1,965 square feet in December 2012.
Foreclosures and real estate owned (REO) closings remained a drag on the market. Combined, foreclosures plus REO closings represented 46.3% of existing home closings. They accounted for 54.5% in January 2012. The percentage of existing home closings involving foreclosures slipped to 24.2% in January from 29.4% a year earlier while REO closings as a percentage of existing home closings dipped to 22.0% from 25.1% a year earlier.
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Source: Housing Intelligence