New Home Sales Increase in Washington DC According to Recent Data
Posted on: May 06, 2013 07:38:59 AM
New home closings increased year-over-year in January in the Washington, DC market, but there were signs the market may be evening out with a percentage rise shallower than December 2012. There was a 7.7% rise in new home closings from a year earlier. This came on the heels of an 8.7% rise year-over-year in December.
A total of 10,306 new homes were sold during the 12 months that ended in January, up from 10,264 for the year that ended in December.
For new and existing homes, closings rose year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
From January 2012 to January 2013, the average price of newly sold homes went from $458,418 to $455,382. This was on the heels of a 3.1% rise in December year-over-year.
Average mortgage size on new homes went from $396,141 in January 2012 to $397,929 in January 2013. In December 2012, average mortgage size on newly sold homes saw a 4.4% rise year-over-year from a year earlier. For newly sold homes, the percentage of sale price being financed moved from 86.4% of average price to 87.4% from a year earlier. In December 2012, there was a 1.1 percentage point rise from the year earlier.
New Home Sales Increase in Washington DC According to Recent Data
Posted on: May 06, 2013 07:38:59 AM
New home closings increased year-over-year in January in the Washington, DC market, but there were signs the market may be evening out with a percentage rise shallower than December 2012. There was a 7.7% rise in new home closings from a year earlier. This came on the heels of an 8.7% rise year-over-year in December.
A total of 10,306 new homes were sold during the 12 months that ended in January, up from 10,264 for the year that ended in December.
For new and existing homes, closings rose year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
From January 2012 to January 2013, the average price of newly sold homes went from $458,418 to $455,382. This was on the heels of a 3.1% rise in December year-over-year.
Average mortgage size on new homes went from $396,141 in January 2012 to $397,929 in January 2013. In December 2012, average mortgage size on newly sold homes saw a 4.4% rise year-over-year from a year earlier. For newly sold homes, the percentage of sale price being financed moved from 86.4% of average price to 87.4% from a year earlier. In December 2012, there was a 1.1 percentage point rise from the year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have increased from last year while single-family home closings have dropped. The share of new home closings belonging to attached units increased from 48.8% of closings in January 2012 to 51.1% of closings in January 2013. Meanwhile, single-family home closings as a percentage of all new home closings slipped to 48.9% of closings from 51.2% of closings.
For all new homes sold, the average unit size fell 40.8% year-over-year to 1,671 square feet in January 2013. The average size of newly sold homes moved from 2,570 square feet in December 2011 to 1,938 square feet in December 2012.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in January, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 20.4% of closings, below 35.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.1% in January from 16.0% a year earlier while REO closings as a percentage of existing home closings dipped to 13.4% from 19.6% a year earlier.
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Source: Housing Intelligence