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Dallas, TX - Latest New Home Sales Numbers Suggest Market Fall is Slowing

Posted on: Feb 06, 2012 09:18:08 AM

The Dallas, TX market saw a drop in new home sales year-over-year in November, but there were hints the market may be leveling out with a percentage decline less steep as in October 2011. Sales went from 1,090 in November 2010 to 1,085 in November 2011, after a 6.1% decline in October from the year earlier.

A total of 12,757 new homes were sold during the 12 months that ended in November, down from 12,762 for the year that ended in October.

New home sales as a percentage of overall housing sales fell to 12.7% from 14.1% of sales a year earlier. After dropping in October from a year earlier, sales of new and existing homes jumped year-over-year in November.

Pricing and Mortgage Trends

In November, there was a 5.4% rise in the average price of newly sold homes year-over-year, reaching $250,274 per unit. This is a swing up from the 1.4% decline in October from a year earlier.

Average mortgage size on new homes went from $240,053 in November 2010 to $238,279 in November 2011. In October 2011, average mortgage size fell 3.2% from a year earlier.

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 96.9% of new sales in November 2010 to 99.6% of sales in November 2011. Conversely, the share of new home sales belonging to attached units declined to 0.4% of sales from 3.1% of sales.

There was a 5.1% decline year-over-year in the average unit size of newly sold homes to 2,473 square feet in November 2011. For newly sold homes, an average size decline contrasting with an average price rise was also seen in October 2011 when the average size of newly sold homes fell 11.4% to 2,383 square feet.

Foreclosures and real estate owned (REO) sales declined in November from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO sales made up 35.7% of existing home sales, below 46.6% a year earlier. The percentage of existing home sales involving foreclosures rose to 21.5% in November from 19.4% a year earlier while REO sales as a percentage of existing home sales slid to 14.2% from 27.2% a year earlier.

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