Fayetteville, AR - Freshest New Home Sales Numbers Suggest Market Rise Strengthening.
Posted on: Feb 06, 2012 09:21:16 AM
In November, sales of new homes in the Fayetteville, AR market jumped year-over-year, and the percentage gain was sharper than October 2011, hinting that the market may be strengthening. New home sales saw a 45.5% boost from a year earlier to 64. This came on the heels of a 1.9% rise year-over-year in October.
A total of 686 new homes were sold during the 12 months that ended in November, up from 666 for the year that ended in October.
Out of all housing sales, new home sales represented 13.1%. This is an increase on a percentage basis, as new home sales were 8.8% of total sales a year ago. For new and existing homes, sales declined in November after also declining in October year-over-year.
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Pricing and Mortgage Trends
In November, the average price of newly sold homes rose to $220,000 per unit, a 10.0% rise year-over-year. This is a swing north from the 2.3% decline in October from a year earlier.
The average mortgage size on newly sold homes climbed year-over-year along with the average price of new homes. In November 2011, the average mortgage size on newly sold homes saw a 49.0% rise from a year earlier. Average mortgage size fell 6.2% in October 2011 from a year earlier.
Fayetteville, AR - Freshest New Home Sales Numbers Suggest Market Rise Strengthening.
Posted on: Feb 06, 2012 09:21:16 AM
In November, sales of new homes in the Fayetteville, AR market jumped year-over-year, and the percentage gain was sharper than October 2011, hinting that the market may be strengthening. New home sales saw a 45.5% boost from a year earlier to 64. This came on the heels of a 1.9% rise year-over-year in October.
A total of 686 new homes were sold during the 12 months that ended in November, up from 666 for the year that ended in October.
Out of all housing sales, new home sales represented 13.1%. This is an increase on a percentage basis, as new home sales were 8.8% of total sales a year ago. For new and existing homes, sales declined in November after also declining in October year-over-year.
Pricing and Mortgage Trends
In November, the average price of newly sold homes rose to $220,000 per unit, a 10.0% rise year-over-year. This is a swing north from the 2.3% decline in October from a year earlier.
The average mortgage size on newly sold homes climbed year-over-year along with the average price of new homes. In November 2011, the average mortgage size on newly sold homes saw a 49.0% rise from a year earlier. Average mortgage size fell 6.2% in October 2011 from a year earlier.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in November 2011. Single-family home sales have made up all of new home sales while attached unit sales have represented no part of sales.
There was a 1.6% decline year-over-year in the average unit size of newly sold homes to 1,635 square feet in November 2011. This decline was opposite the price rise, a pattern also seen in October 2011 when the average size of newly sold homes declined 30.8% to 1,358 square feet.
Foreclosures and real estate owned (REO) sales decreased in November from a year earlier, but remained a burden on the market. Foreclosures and REO sales, taken together, made up 36.1% of existing sales, lower than 52.2% a year earlier. The percentage of existing home sales involving foreclosures fell to 19.3% in November from 33.8% a year earlier while REO sales as a percentage of existing home sales slipped to 16.7% from 18.3% a year earlier.
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Source: Housing Intelligence