Odessa, TX - Recent Figures for New Home Sales Suggest Market Climb Losing Steam
Posted on: May 07, 2012 09:32:44 AM
There was a rise in new home sales in the Odessa, TX market in February year-over-year, but the increase was less than January 2012. New home sales moved from 14 a year earlier to 19 after the figure moved from 13 in January 2011 to 20 in January 2012.
A total of 209 new homes were sold during the 12 months that ended in February, up from 204 for the year that ended in January.
New home sales were 19 out of 131 total sales, making up 14.5%. This is up on a percentage basis from 14 of 104 a year earlier. For new and existing homes, sales climbed year-over-year in February after also increasing in January year-over-year.
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Pricing and Mortgage Trends
The average new home price in February 2012 went down to $156,906 from $159,346 last year. This came after a 2.0% rise in January year-over-year.
The average mortgage size moved to $145,017, down from last year's $153,631. Average mortgage size on new homes went from $155,469 in January 2011 to $152,880 in January 2012. The overall percentage of sale price that was being financed slipped 4.0 percentage points year-over-year to 92.4% in February 2012.
Odessa, TX - Recent Figures for New Home Sales Suggest Market Climb Losing Steam
Posted on: May 07, 2012 09:32:44 AM
There was a rise in new home sales in the Odessa, TX market in February year-over-year, but the increase was less than January 2012. New home sales moved from 14 a year earlier to 19 after the figure moved from 13 in January 2011 to 20 in January 2012.
A total of 209 new homes were sold during the 12 months that ended in February, up from 204 for the year that ended in January.
New home sales were 19 out of 131 total sales, making up 14.5%. This is up on a percentage basis from 14 of 104 a year earlier. For new and existing homes, sales climbed year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average new home price in February 2012 went down to $156,906 from $159,346 last year. This came after a 2.0% rise in January year-over-year.
The average mortgage size moved to $145,017, down from last year's $153,631. Average mortgage size on new homes went from $155,469 in January 2011 to $152,880 in January 2012. The overall percentage of sale price that was being financed slipped 4.0 percentage points year-over-year to 92.4% 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 homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales did not look to be a burden on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 19.6% of sales. In February 2011, they made up 25.6%. The percentage of existing home sales involving foreclosures declined to 8.0% in February from 15.6% a year earlier while REO sales as a percentage of existing home sales rose to 11.6% from 10.0%.
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Source: Housing Intelligence