Dallas, TX - Recent Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 06, 2012 09:22:50 AM
Sales of new homes in the Dallas, TX market climbed year-over-year in February, and the percentage gain was better than January 2012, suggesting the market may be strengthening. Sales gained 20.4% from a year earlier to 969, compared with a 6.3% rise in January from the year earlier.
A total of 13,054 new homes were sold during the 12 months that ended in February, up from 12,890 for the year that ended in January.
Of the total number of sales, new home sales made up 10.9%. A year ago, new home sales accounted for 10.4%. Following a decline in January year-over-year, sales of new and existing homes increased year-over-year in February.
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Pricing and Mortgage Trends
The average per-unit value of new homes declined year-over-year to $239,545 in February, a decline of 1.3% from a year earlier. This decline a drop off from the 1.5% decline in January from a year earlier.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. It fell 1.6% in February from a year earlier, reaching $211,824. In January 2012, average mortgage size on newly sold homes saw a 1.9% decline from a year earlier. On aveage, the percentage of new home sale price that was being financed went from 88.8% of average price to 88.4% from a year earlier. It moved from 88.0% in January 2011 to 87.6% in January 2012.
Dallas, TX - Recent Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 06, 2012 09:22:50 AM
Sales of new homes in the Dallas, TX market climbed year-over-year in February, and the percentage gain was better than January 2012, suggesting the market may be strengthening. Sales gained 20.4% from a year earlier to 969, compared with a 6.3% rise in January from the year earlier.
A total of 13,054 new homes were sold during the 12 months that ended in February, up from 12,890 for the year that ended in January.
Of the total number of sales, new home sales made up 10.9%. A year ago, new home sales accounted for 10.4%. Following a decline in January year-over-year, sales of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
The average per-unit value of new homes declined year-over-year to $239,545 in February, a decline of 1.3% from a year earlier. This decline a drop off from the 1.5% decline in January from a year earlier.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. It fell 1.6% in February from a year earlier, reaching $211,824. In January 2012, average mortgage size on newly sold homes saw a 1.9% decline from a year earlier. On aveage, the percentage of new home sale price that was being financed went from 88.8% of average price to 88.4% from a year earlier. It moved from 88.0% in January 2011 to 87.6% in January 2012.
Other Market Trends
Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes grew from 97.8% in February 2011 to 99.5% of sales in February 2012. At the same time, the share of new home sales belonging to attached units declined to 0.5% of sales from 2.2% of sales.
There was a 14.7% drop year-over-year in the average unit size of newly sold homes to 2,348 square feet in February 2012.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Together, foreclosures plus REO sales represented 39.9% of existing home sales. In February 2011, they accounted for 48.4%. The percentage of existing home sales involving foreclosures slipped to 21.7% in February from 26.3% a year earlier while REO sales as a percentage of existing home sales dipped to 18.2% from 22.1% a year earlier.
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Source: Housing Intelligence