Houston, TX - Newest New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: May 07, 2012 09:17:13 AM
In February, sales of new homes climbed year-over-year in the Houston, TX market, but with a rise less sharp than January 2012, there were suggestions the market may be evening out. Sales increased 13.7% from a year earlier to 1,153. This came on the heels of a 14.4% hike year-over-year in January.
A total of 17,406 new homes were sold during the 12 months that ended in February, up from 17,267 for the year that ended in January.
As a percentage of overall housing sales, new home sales made up 15.5% of overall housing sales. A year ago, new home sales represented 14.6%. Sales of new and existing homes rose year-over-year in February following a decline in January year-over-year.
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Pricing and Mortgage Trends
In February, the average per-unit price of new homes slipped by 4.4% year-over-year to $233,813. This decline follows a move from $231,789 per unit to $233,127 from February 2010 to January 2012.
Average mortgage size on new homes dipped year-over-year in contrast to new home prices. It fell to $203,078 in February, a 5.0% decline. In January 2012, average mortgage size remained level from a year earlier at $203,230. For newly sold homes, the percentage of sale price being financed moved to 86.9% from a year earlier figure of 87.4%. It moved from 87.7% in January 2011 to 87.2% in January 2012.
Houston, TX - Newest New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: May 07, 2012 09:17:13 AM
In February, sales of new homes climbed year-over-year in the Houston, TX market, but with a rise less sharp than January 2012, there were suggestions the market may be evening out. Sales increased 13.7% from a year earlier to 1,153. This came on the heels of a 14.4% hike year-over-year in January.
A total of 17,406 new homes were sold during the 12 months that ended in February, up from 17,267 for the year that ended in January.
As a percentage of overall housing sales, new home sales made up 15.5% of overall housing sales. A year ago, new home sales represented 14.6%. Sales of new and existing homes rose year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
In February, the average per-unit price of new homes slipped by 4.4% year-over-year to $233,813. This decline follows a move from $231,789 per unit to $233,127 from February 2010 to January 2012.
Average mortgage size on new homes dipped year-over-year in contrast to new home prices. It fell to $203,078 in February, a 5.0% decline. In January 2012, average mortgage size remained level from a year earlier at $203,230. For newly sold homes, the percentage of sale price being financed moved to 86.9% from a year earlier figure of 87.4%. It moved from 87.7% in January 2011 to 87.2% in January 2012.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home sales have moved from 99.0% of new home sales to 98.4% of sales while attached units have gone from 1.0% of sales to 1.6% of sales.
There was an 11.3% drop year-over-year in the average unit size of newly sold homes to 2,433 square feet in February 2012. A decrease in both the average size and price of newly sold homes was also seen in January 2012 when the average size grew 16.0% to 2,304 square feet.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Out of all existing home sales, foreclosures combined with REO sales made up 41.2% of sales. In February 2011, they represented 47.0%. The percentage of existing home sales involving foreclosures declined to 23.3% in February from 24.7% a year earlier while REO sales as a percentage of existing home sales slipped to 17.9% from 22.3% a year earlier.
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Source: Housing Intelligence