Freshest Numbers For Fort Worth Show New Home Closings and Prices Increase
Posted on: May 06, 2013 07:08:50 AM
There was an increase in closings of new homes in the Fort Worth, TX market in February year-over-year, but the percentage boost was less than January 2013, suggesting the market may be leveling. New home closings saw a rise of 12.6% from the year earlier to 1,097 after closings rose 20.5% in January from the year earlier.
A total of 14,648 new homes were sold during the 12 months that ended in February, up from 14,525 for the year that ended in January.
New home closings made up 12.2% of overall housing closings. This is a rise from 10.9% of closings a year earlier. For new and existing homes, closings rose year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
In February, the average price of newly sold homes increased year-over-year to $265,666 per unit, a 8.4% rise. This rise is an improvement over the 6.6% rise in January year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. Average mortgage size increased 6.5% to $230,285 in February from a year earlier. In January 2013, average mortgage size rose 4.7% from a year earlier. For new home closings, the percentage of the sale price that was being financed dipped 1.6 percentage points year-over-year to 86.7% in February 2013.
Freshest Numbers For Fort Worth Show New Home Closings and Prices Increase
Posted on: May 06, 2013 07:08:50 AM
There was an increase in closings of new homes in the Fort Worth, TX market in February year-over-year, but the percentage boost was less than January 2013, suggesting the market may be leveling. New home closings saw a rise of 12.6% from the year earlier to 1,097 after closings rose 20.5% in January from the year earlier.
A total of 14,648 new homes were sold during the 12 months that ended in February, up from 14,525 for the year that ended in January.
New home closings made up 12.2% of overall housing closings. This is a rise from 10.9% of closings a year earlier. For new and existing homes, closings rose year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
In February, the average price of newly sold homes increased year-over-year to $265,666 per unit, a 8.4% rise. This rise is an improvement over the 6.6% rise in January year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. Average mortgage size increased 6.5% to $230,285 in February from a year earlier. In January 2013, average mortgage size rose 4.7% from a year earlier. For new home closings, the percentage of the sale price that was being financed dipped 1.6 percentage points year-over-year to 86.7% in February 2013.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 98.7% of new home closings to 99.6% of closings while attached units have gone from 1.3% of closings to 0.4% of closings.
The average unit size of newly sold homes increased 3.7% year-over-year to 2,761 square feet in February 2013. An increase in both the average size and price of newly sold homes was also seen in January 2013 when the average size grew 10.5% to 2,947 square feet.
Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 29.4% of existing closings, lower than 39.6% a year earlier. The percentage of existing home closings involving foreclosures slipped to 13.8% in February from 21.8% a year earlier while REO closings as a percentage of existing home closings declined to 15.6% from 17.8% a year earlier.
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Source: Housing Intelligence