Austin, TX - Recent New home Sales Swing Down
Posted on: Feb 06, 2012 09:12:24 AM
The Austin, TX market saw a drop in new home sales year-over-year in November, sliding downhill after showling little movement in October from the year earlier. Sales declined 3.8% from last year to 500, after staying level in the same month a year earlier.
A total of 6,182 new homes were sold during the 12 months that ended in November, down from 6,202 for the year that ended in October.
New home sales made up 22.5% of overall housing sales. As a part of the whole, new home sales were 22.1% a year earlier. Following a year-over-year rise in October, sales of new and existing homes declined year-over-year in November.
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Pricing and Mortgage Trends
The average per-unit value of new homes fell to $226,044 in November, a decline of 5.1% year-over-year from a year earlier. This decline is a reversal from a 3.5% rise in October year-over-year.
Average mortgage size on new homes slipped year-over-year in contrast to new home prices. In November 2011, average mortgage size on new homes sold was $210,652, down 2.4% from a year earlier. Average mortgage size rose 2.6% in October 2011 from a year earlier. For new home sales, the average percentage of the price being financed increased 2.6 percentage points from a year earlier. It went from 92.2% in October 2010 to 91.3% in October 2011.
Austin, TX - Recent New home Sales Swing Down
Posted on: Feb 06, 2012 09:12:24 AM
The Austin, TX market saw a drop in new home sales year-over-year in November, sliding downhill after showling little movement in October from the year earlier. Sales declined 3.8% from last year to 500, after staying level in the same month a year earlier.
A total of 6,182 new homes were sold during the 12 months that ended in November, down from 6,202 for the year that ended in October.
New home sales made up 22.5% of overall housing sales. As a part of the whole, new home sales were 22.1% a year earlier. Following a year-over-year rise in October, sales of new and existing homes declined year-over-year in November.
Pricing and Mortgage Trends
The average per-unit value of new homes fell to $226,044 in November, a decline of 5.1% year-over-year from a year earlier. This decline is a reversal from a 3.5% rise in October year-over-year.
Average mortgage size on new homes slipped year-over-year in contrast to new home prices. In November 2011, average mortgage size on new homes sold was $210,652, down 2.4% from a year earlier. Average mortgage size rose 2.6% in October 2011 from a year earlier. For new home sales, the average percentage of the price being financed increased 2.6 percentage points from a year earlier. It went from 92.2% in October 2010 to 91.3% in October 2011.
Other Market Trends
As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. Single-family home sales increased from 94.2% of new sales in November 2010 to 97.4% of sales in November 2011. Meanwhile, attached units as a percentage of all new home sales slid to 2.6% of sales from 5.8% of sales.
There was a 6.4% decline year-over-year in the average unit size of newly sold homes to 2,122 square feet in November 2011. A decline was also seen in October 2011 when the average size of new homes sold dipped 7.6% to 2,154 square feet.
Foreclosures and real estate owned (REO) sales did not appear to be dragging the market. Combined, foreclosures plus REO sales represented 23.3% of existing home sales. They accounted for 30.6% in November 2010. The percentage of existing home sales involving foreclosures declined to 12.2% in November from 13.9% a year earlier while REO sales as a percentage of existing home sales slipped to 11.1% from 16.7% a year earlier.
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Source: Housing Intelligence