Lubbock, TX - Newest Figures for New Home Sales Drop
Posted on: May 07, 2012 09:25:40 AM
Sales of new homes declined year-over-year in February in the Lubbock, TX market, signifying a decline after little movement in January from the year earlier. There was a drop of 26.1% in sales from last year to 17. This came after the sales figure stayed the same a year earlier.
A total of 418 new homes were sold during the 12 months that ended in February, down from 424 for the year that ended in January.
New home sales accounted for 4.1% of overall housing sales. This is a decline 7.2% of sales a year earlier. After dropping in January from a year earlier, sales of new and existing homes rose year-over-year in February.
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Pricing and Mortgage Trends
In February, the average price for new home sales was $177,941, a 10.2% decline from last year. This drop follows a move from $231,364 per unit to $233,255 from February 2010 to January 2012.
For newly sold homes, the average mortgage size saw a fall year-over-year in contrast to new home prices. It fell 11.4% in February from a year earlier to $160,985. In January 2012, average mortgage size jumped 13.5% from a year earlier. Of the overall sale price, the percentage that was being financed dipped 1.2 percentage points year-over-year to 90.5% in February 2012. This was a swing downward after a 10.9 percentage point bump in January from a year earlier.
Lubbock, TX - Newest Figures for New Home Sales Drop
Posted on: May 07, 2012 09:25:40 AM
Sales of new homes declined year-over-year in February in the Lubbock, TX market, signifying a decline after little movement in January from the year earlier. There was a drop of 26.1% in sales from last year to 17. This came after the sales figure stayed the same a year earlier.
A total of 418 new homes were sold during the 12 months that ended in February, down from 424 for the year that ended in January.
New home sales accounted for 4.1% of overall housing sales. This is a decline 7.2% of sales a year earlier. After dropping in January from a year earlier, sales of new and existing homes rose year-over-year in February.
Pricing and Mortgage Trends
In February, the average price for new home sales was $177,941, a 10.2% decline from last year. This drop follows a move from $231,364 per unit to $233,255 from February 2010 to January 2012.
For newly sold homes, the average mortgage size saw a fall year-over-year in contrast to new home prices. It fell 11.4% in February from a year earlier to $160,985. In January 2012, average mortgage size jumped 13.5% from a year earlier. Of the overall sale price, the percentage that was being financed dipped 1.2 percentage points year-over-year to 90.5% in February 2012. This was a swing downward after a 10.9 percentage point bump in January 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 made up no part of sales.
Foreclosures and real estate owned (REO) sales remaining level in February from a year earlier and did not look to be a burden on the market. Foreclosures and REO sales, taken together, represented 22.3% of existing sales, about the same as a year earlier. The percentage of existing home sales involving foreclosures went from 12.8% in February 2011 to 12.3% in February 2012 and REO sales moved from 9.8% of existing home sales in February 2011 to 10.0% in February 2012.
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Source: Housing Intelligence