Lafayette, LA - Freshest Figures for New Home Sales Fall Year-Over-Year in February After Climbing Year-Over-Year in January
Posted on: May 07, 2012 09:21:54 AM
The Lafayette, LA market saw a drop in new home sales year-over-year in February, a downhill move after a boost in January 2012. Sales fell 6.0% from a year earlier to 47, relative to a 12.0% hike in January from the year earlier.
A total of 688 new homes were sold during the 12 months that ended in February, down from 691 for the year that ended in January.
Out of all housing sales, new home sales made up 22.1%, down from the 27.3% of sales a year earlier. Sales of new and existing homes gained year-over-year in February after also rising in January year-over-year.
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Pricing and Mortgage Trends
In February, the average price of newly sold homes increased 6.6% year-over-year to $203,578 per unit. This is a swing up from the 2.8% decline in January from a year earlier.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. Average mortgage size fell 2.4% to $194,262 in February from a year earlier. In January 2012, average mortgage size slid 14.4% from a year earlier.
Lafayette, LA - Freshest Figures for New Home Sales Fall Year-Over-Year in February After Climbing Year-Over-Year in January
Posted on: May 07, 2012 09:21:54 AM
The Lafayette, LA market saw a drop in new home sales year-over-year in February, a downhill move after a boost in January 2012. Sales fell 6.0% from a year earlier to 47, relative to a 12.0% hike in January from the year earlier.
A total of 688 new homes were sold during the 12 months that ended in February, down from 691 for the year that ended in January.
Out of all housing sales, new home sales made up 22.1%, down from the 27.3% of sales a year earlier. Sales of new and existing homes gained year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
In February, the average price of newly sold homes increased 6.6% year-over-year to $203,578 per unit. This is a swing up from the 2.8% decline in January from a year earlier.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. Average mortgage size fell 2.4% to $194,262 in February from a year earlier. In January 2012, average mortgage size slid 14.4% 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 represented all of new home sales while attached unit sales have accounted for no part of sales.
Foreclosures and real estate owned (REO) sales continued to increase in February from a year earlier and remained a drag on the market. Foreclosures and REO sales, taken together, represented 33.7% of existing home sales, higher than 18.8% a year earlier. The percentage of existing home sales involving foreclosures rose to 14.5% in February from 12.0% a year earlier while REO sales as a percentage of existing home sales rose to 19.3% from 6.8%.
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Source: Housing Intelligence