Prices of New Homes Increase in Warner Robins, Sales Fall According to Newest Data
Posted on: May 06, 2013 07:38:50 AM
In the Warner Robins, GA market, new home closings dropped year-over-year in February, but there were signals that the market may be leveling out with a percentage fall less steep than in January 2013. New home closings saw a 20.0% fall from a year earlier to 20 after closings dropped 40.0% in January from the year earlier.
A total of 361 new homes were sold during the 12 months that ended in February, down from 366 for the year that ended in January.
As a percentage of overall housing closings, new home closings accounted for 10.6%, down from the 15.1% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes also grew year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes rose 19.2% year-over-year to $206,490 per unit. This is an upward shift from a 14.8% decline in January from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. Average mortgage size increased 8.7% to $180,801 in February from a year earlier. Average mortgage size went from $202,194 in January 2012 to $202,478 in January 2013. Of the overall sale price, the percentage that was being financed slipped 8.5 percentage points year-over-year to 87.6% in February 2013. This came after a 14.3 percentage point surge in January from a year earlier.
Prices of New Homes Increase in Warner Robins, Sales Fall According to Newest Data
Posted on: May 06, 2013 07:38:50 AM
In the Warner Robins, GA market, new home closings dropped year-over-year in February, but there were signals that the market may be leveling out with a percentage fall less steep than in January 2013. New home closings saw a 20.0% fall from a year earlier to 20 after closings dropped 40.0% in January from the year earlier.
A total of 361 new homes were sold during the 12 months that ended in February, down from 366 for the year that ended in January.
As a percentage of overall housing closings, new home closings accounted for 10.6%, down from the 15.1% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes also grew year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes rose 19.2% year-over-year to $206,490 per unit. This is an upward shift from a 14.8% decline in January from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. Average mortgage size increased 8.7% to $180,801 in February from a year earlier. Average mortgage size went from $202,194 in January 2012 to $202,478 in January 2013. Of the overall sale price, the percentage that was being financed slipped 8.5 percentage points year-over-year to 87.6% in February 2013. This came after a 14.3 percentage point surge in January 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 2013. Single-family home closings have represented all of new home closings while attached unit closings have accounted for no part of closings.
The average unit size of newly sold homes climbed 19.9% year-over-year to 1,747 square feet in February 2013.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Together, foreclosures plus REO closings made up 58.9% of existing home closings. They represented 57.4% in February 2012. The percentage of existing home closings involving foreclosures rose to 35.7% in February from 29.8% a year earlier while REO closings as a percentage of existing home closings dipped to 23.2% from 27.7% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Warner Robins, GA area.
Source: Housing Intelligence