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Wilmington, NC - Latest New Home Sales Increase Year-Over-Year in October After Falling Year-Over-Year in September

Posted on: Jan 10, 2012 09:49:28 AM

In October, sales of new homes rose year-over-year in the Wilmington, NC market, rallying back from a decline in September 2011. There was a 15.6% rise in new home sales from a year earlier. This came after a 6.5% decline year-over-year in September.

A total of 1,230 new homes were sold during the 12 months that ended in October, up from 1,215 for the year that ended in September.

As a percentage of overall housing sales, new home sales made up 20.0% of overall housing sales. They represented 19.1% of sales a year earlier. Sales of new and existing homes jumped year-over-year in October following a decline in September year-over-year.

Pricing and Mortgage Trends

In October, the average price of newly sold homes dropped year-over-year to $193,660 per unit, a 19.1% fall. This is a swing down from the 8.3% rise in September year-over-year.

The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. It declined 1.4% in October from a year earlier, reaching $177,559. In September 2011, average mortgage size on newly sold homes saw a 9.3% rise year-over-year from a year earlier. For new home sales, the average percentage of the price being financed gained 16.5 percentage points from a year earlier. It went from 80.9% in September 2010 to 81.7% in September 2011.

Other Market Trends

Sales of attached units, as a percentage of new home sales, have gained from last year while sales of single-family homes have dipped. The share of new home sales belonging to attached units grew from 14.6% of sales in October 2010 to 18.9% of sales in October 2011. Meanwhile, single-family home sales as a percentage of all new home sales declined to 81.1% of sales from 85.4% of sales.

For all new homes sold, the average unit size slid 17.0% year-over-year to 1,644 square feet in October 2011. The average size of newly sold homes moved from 1,743 square feet in September 2010 to 2,013 square feet in September 2011.

Foreclosures and real estate owned (REO) sales remained a drag on the market. Out of all existing home sales, foreclosures combined with REO sales made up 29.1% of sales. In October 2010, they represented 35.9%. The percentage of existing home sales involving foreclosures slipped to 21.2% in October from 24.3% a year earlier while REO sales as a percentage of existing home sales dipped to 7.9% from 11.5% a year earlier.

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