Beaumont, TX - Newest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 06, 2012 09:14:15 AM
The Beaumont, TX market saw a rise in new home sales in February year-over-year, rebounding from a year-over-year decline in January 2012. New home sales moved from 12 a year earlier to 13 after the figure moved from 20 in January 2011 to 14 in January 2012.
A total of 203 new homes were sold during the 12 months that ended in February, up from 202 for the year that ended in January.
Thirteen of the 442 total sales were new home sales, a shift on a percentage basis from 12 out of 423 a year earlier. Following a year-over-year increase in January, sales of new and existing homes also rose year-over-year in February.
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Pricing and Mortgage Trends
The average new home value went from $195,592 last year to $213,583,. This was on the heels of a move from $170,357 per unit in January 2011 to $170,031 in January 2012.
Average mortgage size on new homes moved from $176,915 to $176,166. Average mortgage size on new homes went from $151,483 in January 2011 to $147,879 in January 2012. Of the overall sale price, the percentage that was being financed dipped 8.0 percentage points year-over-year to 82.5% in February 2012.
Beaumont, TX - Newest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 06, 2012 09:14:15 AM
The Beaumont, TX market saw a rise in new home sales in February year-over-year, rebounding from a year-over-year decline in January 2012. New home sales moved from 12 a year earlier to 13 after the figure moved from 20 in January 2011 to 14 in January 2012.
A total of 203 new homes were sold during the 12 months that ended in February, up from 202 for the year that ended in January.
Thirteen of the 442 total sales were new home sales, a shift on a percentage basis from 12 out of 423 a year earlier. Following a year-over-year increase in January, sales of new and existing homes also rose year-over-year in February.
Pricing and Mortgage Trends
The average new home value went from $195,592 last year to $213,583,. This was on the heels of a move from $170,357 per unit in January 2011 to $170,031 in January 2012.
Average mortgage size on new homes moved from $176,915 to $176,166. Average mortgage size on new homes went from $151,483 in January 2011 to $147,879 in January 2012. Of the overall sale price, the percentage that was being financed dipped 8.0 percentage points year-over-year to 82.5% in February 2012.
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 homes continued to account for all of new home sales.
The average unit size of newly sold homes fell from 2,628 square feet a year earlier to 2,061 square feet.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Together, foreclosures plus REO sales made up 27.0% of existing home sales. They accounted for 22.6% in February 2011. The percentage of existing home sales involving foreclosures rose to 15.6% in February from 9.5% a year earlier while REO sales as a percentage of existing home sales declined to 11.4% from 13.1% a year earlier.
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Source: Housing Intelligence