Fort Smith, AR - Recent Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January
Posted on: May 07, 2012 09:11:22 AM
New home sales in the Fort Smith, AR market gained year-over-year in February, rebounding from a year-over-year decline in January 2012. New home sales moved from 19 a year earlier to 23 after the figure moved from 12 in January 2011 to 10 in January 2012.
A total of 283 new homes were sold during the 12 months that ended in February, up from 279 for the year that ended in January.
Of 194 total sales, 23 were of new homes. This marks a rise from 7.4% of total sales a year earlier. Following a year-over-year decline in January, sales of new and existing homes also slid year-over-year in February.
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Pricing and Mortgage Trends
Average price of newly sold homes had a 1.1% rise year-over-year to $138,913 per unit in February. This is a swing north from the 3.5% decline in January from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In February 2012, the average mortgage size was $125,094, a 13.9% hike from a year earlier. It went from $139,222 to $137,902 from January 2011 to January 2012. The overall percentage of sale price that was being financed grew 10.1 percentage points year-over-year to 90.1% in February 2012. This was another rise after January 2012 when there was a 2.1 percentage point rise from a year earlier.
Fort Smith, AR - Recent Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January
Posted on: May 07, 2012 09:11:22 AM
New home sales in the Fort Smith, AR market gained year-over-year in February, rebounding from a year-over-year decline in January 2012. New home sales moved from 19 a year earlier to 23 after the figure moved from 12 in January 2011 to 10 in January 2012.
A total of 283 new homes were sold during the 12 months that ended in February, up from 279 for the year that ended in January.
Of 194 total sales, 23 were of new homes. This marks a rise from 7.4% of total sales a year earlier. Following a year-over-year decline in January, sales of new and existing homes also slid year-over-year in February.
Pricing and Mortgage Trends
Average price of newly sold homes had a 1.1% rise year-over-year to $138,913 per unit in February. This is a swing north from the 3.5% decline in January from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In February 2012, the average mortgage size was $125,094, a 13.9% hike from a year earlier. It went from $139,222 to $137,902 from January 2011 to January 2012. The overall percentage of sale price that was being financed grew 10.1 percentage points year-over-year to 90.1% in February 2012. This was another rise after January 2012 when there was a 2.1 percentage point rise 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 February 2012. Single-family home sales have accounted for all of new home sales while attached unit sales have made up no part of sales.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Together, foreclosures plus REO sales accounted for 34.5% of existing home sales. They made up 36.6% in February 2011. The percentage of existing home sales involving foreclosures declined to 16.4% in February from 21.0% a year earlier while REO sales as a percentage of existing home sales rose to 18.1% from 15.5%.
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Source: Housing Intelligence