Newest Numbers Show New Home Sales Drop in Amarillo
Posted on: May 06, 2013 07:01:08 AM
In February, there was a drop year-over-year in new home closings in the Amarillo, TX market, shifting down after remaining relatively stable in January from the year earlier. New home closings slid to 25, marking a 19.4% drop. This came after closings remained level in the same month last year.
A total of 394 new homes were sold during the 12 months that ended in February, down from 400 for the year that ended in January.
Of the total number of closings, new home closings made up 7.2%. They accounted for 7.8% of closings a year earlier. Closings of new and existing homes slid year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes moved to $237,893 in February 2013 from $239,319 in February 2012. This came after a 16.2% hike in January year-over-year.
For newly sold homes, average mortgage size moved from $207,299 in February 2012 to $205,576 in February 2013. In January 2013, average mortgage size increased 5.0% from a year earlier. For newly sold homes, the percentage of sale price being financed moved to 86.4% from a year earlier figure of 86.6%. In January 2013, the figure dipped 9.2 percentage points from the year earlier.
Newest Numbers Show New Home Sales Drop in Amarillo
Posted on: May 06, 2013 07:01:08 AM
In February, there was a drop year-over-year in new home closings in the Amarillo, TX market, shifting down after remaining relatively stable in January from the year earlier. New home closings slid to 25, marking a 19.4% drop. This came after closings remained level in the same month last year.
A total of 394 new homes were sold during the 12 months that ended in February, down from 400 for the year that ended in January.
Of the total number of closings, new home closings made up 7.2%. They accounted for 7.8% of closings a year earlier. Closings of new and existing homes slid year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes moved to $237,893 in February 2013 from $239,319 in February 2012. This came after a 16.2% hike in January year-over-year.
For newly sold homes, average mortgage size moved from $207,299 in February 2012 to $205,576 in February 2013. In January 2013, average mortgage size increased 5.0% from a year earlier. For newly sold homes, the percentage of sale price being financed moved to 86.4% from a year earlier figure of 86.6%. In January 2013, the figure dipped 9.2 percentage points from the 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 declined 39.2% year-over-year to 1,331 square feet in February 2013. In January, the average size of new homes sold went from 2,113 square feet a year earlier to 1,570 square feet.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 27.8% of closings. They accounted for 32.0% in February 2012. The percentage of existing home closings involving foreclosures slipped to 12.3% in February from 15.6% a year earlier and REO closings moved from 16.4% of existing home closings in February 2012 to 15.4% in February 2013.
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Source: Housing Intelligence