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Amarillo, TX - Latest Figures for New Home Sales Suggest Climb Gaining Steam

Posted on: May 06, 2012 09:10:45 AM

Sales of new homes gained year-over-year in February in the Amarillo, TX market, and the market seemed to be hinting at bolstering with a percentage rise stronger than January 2012. Sales rose 17.9% from a year earlier to 33. This came after a 14.8% boost year-over-year in January.

A total of 454 new homes were sold during the 12 months that ended in February, up from 449 for the year that ended in January.

As a percentage of overall housing sales, new home sales accounted for 9.0%. This marks a rise from 7.6% of total sales a year earlier. Following a year-over-year rise in January, sales of new and existing homes declined year-over-year in February.

Pricing and Mortgage Trends

The average price of new homes climbed year-over-year 36.2% in February to $234,965 per unit. This hike is higher than the 6.8% rise in January year-over-year.

Average mortgage size on new homes rose year-over-year along with new home prices. In February 2012, the average mortgage size was $204,344, a 30.7% gain from a year earlier. In January 2012, average mortgage size jumped 16.3% from a year earlier. For new home sales, the percentage of the sale price that was being financed slipped 3.7 percentage points year-over-year to 87.0% in February 2012. In January 2012, there was a 7.8 percentage point rise 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 2012. Single-family home sales have made up all of new home sales while attached unit sales have represented no part of sales.

For all new homes sold, the average unit size grew 25.0% year-over-year to 2,193 square feet in February 2012. An increase in both the average size and price of newly sold homes was also seen in January 2012 when the average size gained more than twofold to 4,374 square feet.

Foreclosures and real estate owned (REO) sales declined in February from a year earlier, but stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 30.4% of sales, below 41.3% a year earlier. The percentage of existing home sales involving foreclosures dipped to 14.5% in February from 17.1% a year earlier while REO sales as a percentage of existing home sales declined to 16.0% from 24.2% a year earlier.

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