Prices of New Homes Rise in Austin-Round Rock, Sales Decline According to Latest Data
Posted on: May 06, 2013 07:02:38 AM
The Austin-Round Rock, TX market saw a drop in new home closings year-over-year in February, curving down after an increase in January 2013. Closings went from 432 in February 2012 to 429 in February 2013, compared with a 25.3% boost in January from the year earlier.
A total of 7,250 new homes were sold during the 12 months that ended in February, down from 7,253 for the year that ended in January.
New home closings represented 18.3% of overall housing closings. This is a lift from 17.0% of closings a year earlier. After rising year-over-year in January, closings of new and existing homes slipped year-over-year in February.
Pricing and Mortgage Trends
In February, there was an 8.4% rise year-over-year in the average price of newly sold homes, reaching $263,932 per unit. This rise is better than the 1.5% rise in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. The average mortgage size saw a 7.3% rise year-over-year to $227,660 in February. It went from $220,714 to $220,446 from January 2012 to January 2013. For newly sold homes, the percentage of sale price being financed moved from 87.1% of average price to 86.3% from a year earlier. In January 2013, the figure fell 1.4 percentage points from the year earlier.
Prices of New Homes Rise in Austin-Round Rock, Sales Decline According to Latest Data
Posted on: May 06, 2013 07:02:38 AM
The Austin-Round Rock, TX market saw a drop in new home closings year-over-year in February, curving down after an increase in January 2013. Closings went from 432 in February 2012 to 429 in February 2013, compared with a 25.3% boost in January from the year earlier.
A total of 7,250 new homes were sold during the 12 months that ended in February, down from 7,253 for the year that ended in January.
New home closings represented 18.3% of overall housing closings. This is a lift from 17.0% of closings a year earlier. After rising year-over-year in January, closings of new and existing homes slipped year-over-year in February.
Pricing and Mortgage Trends
In February, there was an 8.4% rise year-over-year in the average price of newly sold homes, reaching $263,932 per unit. This rise is better than the 1.5% rise in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. The average mortgage size saw a 7.3% rise year-over-year to $227,660 in February. It went from $220,714 to $220,446 from January 2012 to January 2013. For newly sold homes, the percentage of sale price being financed moved from 87.1% of average price to 86.3% from a year earlier. In January 2013, the figure fell 1.4 percentage points from the year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings rose from 89.1% of new closings in February 2012 to 94.4% of closings in February 2013. At the same time, the share of new home closings belonging to attached units sank to 5.6% of closings from 10.9% of closings.
Foreclosures and real estate owned (REO) closings did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 19.6% of closings. In February 2012, they represented 28.0%. The percentage of existing home closings involving foreclosures dipped to 9.2% in February from 15.7% a year earlier while REO closings as a percentage of existing home closings declined to 10.4% from 12.2% a year earlier.
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Source: Housing Intelligence