Midland, TX - Freshest Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January
Posted on: May 07, 2012 09:28:24 AM
In February, there was an increase in sales of new homes in the Midland, TX market year-over-year, swinging up after a fall in January 2012. New home sales saw a 3.3% rise from a year earlier to 31. This came on the heels of a 10.7% decline year-over-year in January.
A total of 460 new homes were sold during the 12 months that ended in February, up from 459 for the year that ended in January.
Compared to a year earlier, new home sales reflected 8.9% of overall housing sales, down from 12.8% last year. Following a decline in January year-over-year, sales of new and existing homes jumped year-over-year in February.
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Pricing and Mortgage Trends
In February, there was a 5.1% rise year-over-year in the average price of newly sold homes, reaching $256,318 per unit. This rise is smaller than the 16.7% boost in January year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. It rose 10.5% in February from a year earlier to $235,091. In January 2012, average mortgage size increased 21.5% from a year earlier. Of the overall sale price, the percentage that was being financed rose 4.4 percentage points year-over-year to 91.7% in February 2012.
Midland, TX - Freshest Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January
Posted on: May 07, 2012 09:28:24 AM
In February, there was an increase in sales of new homes in the Midland, TX market year-over-year, swinging up after a fall in January 2012. New home sales saw a 3.3% rise from a year earlier to 31. This came on the heels of a 10.7% decline year-over-year in January.
A total of 460 new homes were sold during the 12 months that ended in February, up from 459 for the year that ended in January.
Compared to a year earlier, new home sales reflected 8.9% of overall housing sales, down from 12.8% last year. Following a decline in January year-over-year, sales of new and existing homes jumped year-over-year in February.
Pricing and Mortgage Trends
In February, there was a 5.1% rise year-over-year in the average price of newly sold homes, reaching $256,318 per unit. This rise is smaller than the 16.7% boost in January year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. It rose 10.5% in February from a year earlier to $235,091. In January 2012, average mortgage size increased 21.5% from a year earlier. Of the overall sale price, the percentage that was being financed rose 4.4 percentage points year-over-year to 91.7% in February 2012.
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 did not look to be a burden on the market. Together, foreclosures plus REO sales accounted for 9.7% of existing home sales. In February 2011, they made up 10.8%. The percentage of existing home sales involving foreclosures rose to 5.7% in February from 2.9% a year earlier while REO sales as a percentage of existing home sales declined to 4.1% from 7.8% a year earlier.
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Source: Housing Intelligence