Newest Figures Show New Home Prices Gain, Sales Drop in Corpus Christi
Posted on: May 06, 2013 07:08:34 AM
In February, there was a decline year-over-year in new home closings in the Corpus Christi, TX market, drawing a downward slope off of a rise in January 2013. There was a 45.5% fall in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 2.9% rise year-over-year in January.
A total of 576 new homes were sold during the 12 months that ended in February, down from 601 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 9.3% of overall housing closings. A year ago, 8.7% of total closings were new home closings. After rising year-over-year in January, closings of new and existing homes declined year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 13.9% in February to $225,382 per unit. This hike is an improvement over the 13.8% gain in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. It rose 8.7% in February from a year earlier to $195,998. In January 2013, average mortgage size on newly sold homes saw a 28.1% bump year-over-year from a year earlier. The overall percentage of sale price that was being financed dipped 4.1 percentage points year-over-year to 87.0% in February 2013. This came after a 9.9 percentage point rise in January from a year earlier.
Newest Figures Show New Home Prices Gain, Sales Drop in Corpus Christi
Posted on: May 06, 2013 07:08:34 AM
In February, there was a decline year-over-year in new home closings in the Corpus Christi, TX market, drawing a downward slope off of a rise in January 2013. There was a 45.5% fall in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 2.9% rise year-over-year in January.
A total of 576 new homes were sold during the 12 months that ended in February, down from 601 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 9.3% of overall housing closings. A year ago, 8.7% of total closings were new home closings. After rising year-over-year in January, closings of new and existing homes declined year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 13.9% in February to $225,382 per unit. This hike is an improvement over the 13.8% gain in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. It rose 8.7% in February from a year earlier to $195,998. In January 2013, average mortgage size on newly sold homes saw a 28.1% bump year-over-year from a year earlier. The overall percentage of sale price that was being financed dipped 4.1 percentage points year-over-year to 87.0% in February 2013. This came after a 9.9 percentage point rise in January from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes rose from 92.7% in February 2012 to 96.7% of closings in February 2013. Meanwhile, attached units as a percentage of all new home closings sank to 3.3% of closings from 7.3% of closings.
For all new homes sold, the average unit size dropped 52.2% year-over-year to 915 square feet in February 2013. This decline was opposite the price rise, a pattern also seen in January 2013 when the average size of newly sold homes fell 3.5% to 1,781 square feet.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Together, foreclosures plus REO closings made up 29.6% of existing home closings. They represented 26.8% in February 2012. The percentage of existing home closings involving foreclosures rose to 19.0% in February from 14.1% a year earlier while REO closings as a percentage of existing home closings declined to 10.5% from 12.7% a year earlier.
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Source: Housing Intelligence