Longview, TX - Latest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:24:58 AM
The Longview, TX market saw an increase in sales of new homes in February year-over-year, rebounding from a year-over-year decline in January 2012. New home sales moved from five a year earlier to seven after the figure moved from seven in January 2011 to two in January 2012.
A total of 88 new homes were sold during the 12 months that ended in February, up from 86 for the year that ended in January.
Seven of the 165 total sales were new home sales, a shift on a percentage basis from five out of 129 a year earlier. Sales of new and existing homes grew year-over-year in February following a fall in January year-over-year.
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Pricing and Mortgage Trends
The average new home price was $210,089 in February 2012, moving north from $135,686 a year earlier. This was on the heels of a 13.7% decline in January from a year earlier.
Average mortgage size on new homes increased to $179,383 from $123,287 last year. Average mortgage size on new homes went from $85,741 in January 2011 to $70,820 in January 2012. The overall percentage of sale price that was being financed slipped 5.5 percentage points year-over-year to 85.4% in February 2012.
Longview, TX - Latest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:24:58 AM
The Longview, TX market saw an increase in sales of new homes in February year-over-year, rebounding from a year-over-year decline in January 2012. New home sales moved from five a year earlier to seven after the figure moved from seven in January 2011 to two in January 2012.
A total of 88 new homes were sold during the 12 months that ended in February, up from 86 for the year that ended in January.
Seven of the 165 total sales were new home sales, a shift on a percentage basis from five out of 129 a year earlier. Sales of new and existing homes grew year-over-year in February following a fall in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $210,089 in February 2012, moving north from $135,686 a year earlier. This was on the heels of a 13.7% decline in January from a year earlier.
Average mortgage size on new homes increased to $179,383 from $123,287 last year. Average mortgage size on new homes went from $85,741 in January 2011 to $70,820 in January 2012. The overall percentage of sale price that was being financed slipped 5.5 percentage points year-over-year to 85.4% in February 2012.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for four of five last year. Meanwhile, attached units made up no part of new home sales after making up one of five sales a year earlier.
Foreclosures and real estate owned (REO) sales did not appear to be dragging the market. Together, foreclosures plus REO sales made up 23.4% of existing home sales. In February 2011, they represented 27.4%. The percentage of existing home sales involving foreclosures went from 13.7% in February 2011 to 14.6% in February 2012 and REO sales as a percentage of existing home sales declined to 8.9% from 13.7% a year earlier.
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Source: Housing Intelligence