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Winston-Salem, NC - Latest Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January

Posted on: May 07, 2012 09:57:50 AM

In February, sales of new homes in the Winston-Salem, NC market climbed year-over-year, rising after a decline in January 2012. New home sales saw a boost of 19.2% from the year earlier to 62 after sales declined 2.3% in January from the year earlier.

A total of 638 new homes were sold during the 12 months that ended in February, up from 628 for the year that ended in January.

Of the total number of sales, new home sales made up 12.1%. A year ago, 12.0% of total sales were new home sales. Sales of new and existing homes gained year-over-year in February after also rising in January year-over-year.

Pricing and Mortgage Trends

The average price of newly sold homes increased 3.4% year-over-year in February to $169,947 per unit. This is a swing up from the 1.6% decline in January from a year earlier.

For newly sold homes, the average mortgage size dipped year-over-year in contrast to average price of new homes. It fell 2.4% in February from a year earlier to $150,261. Average mortgage size rose 3.5% in January 2012 from a year earlier. The overall percentage of sale price that was being financed slipped 5.2 percentage points year-over-year to 88.4% in February 2012. This came after a 4.5 percentage point rise in January from a year earlier.

Other Market Trends

Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes grew from 92.3% in February 2011 to 98.4% of sales in February 2012. At the same time, the share of new home sales belonging to attached units sank to 1.6% of sales from 7.7% of sales.

There was a 4.9% decline year-over-year in the average unit size of newly sold homes to 1,672 square feet in February 2012. For newly sold homes, an average size decline contrasting with an average price rise was also seen in January 2012 when the average size of newly sold homes dipped 9.2% to 1,543 square feet.

Foreclosures and real estate owned (REO) sales remained level in February from a year earlier, but remained a drag on the market. Together, foreclosures plus REO sales accounted for 57.2% of existing home sales, about the same as a year earlier. The percentage of existing home sales involving foreclosures rose to 30.7% in February from 23.6% a year earlier while REO sales as a percentage of existing home sales declined to 26.5% from 34.6% a year earlier.

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