San Angelo, TX - Recent New home Sales Remain Steady
Posted on: May 07, 2012 09:42:44 AM
Sales of new homes in the San Angelo, TX market remained unchanged year-over-year in February, staying relatively stable after having decreased year-over-year in January. Sales remained level at six from a year earlier after the figure moved from 11 in January 2011 to four in January 2012.
A total of 87 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home sales were six out of the 111 total sales, a move on a percentage basis from six of 133 a year earlier. After rising year-over-year in January, sales of new and existing homes dropped year-over-year in February.
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Pricing and Mortgage Trends
The average new home price was $188,877 in February 2012, moving north from $162,188 a year earlier. This followed a 2.6% decline in January from a year earlier.
From the year-ago figure of $155,868, the average mortgage size on new homes moved up to $169,576. Average mortgage size on new homes went from $166,288 in January 2011 to $182,989 in January 2012. The overall percentage of sale price that was being financed declined 6.3 percentage points year-over-year to 89.8% in February 2012. This came after an 11.4 percentage point boost in January from a year earlier.
San Angelo, TX - Recent New home Sales Remain Steady
Posted on: May 07, 2012 09:42:44 AM
Sales of new homes in the San Angelo, TX market remained unchanged year-over-year in February, staying relatively stable after having decreased year-over-year in January. Sales remained level at six from a year earlier after the figure moved from 11 in January 2011 to four in January 2012.
A total of 87 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home sales were six out of the 111 total sales, a move on a percentage basis from six of 133 a year earlier. After rising year-over-year in January, sales of new and existing homes dropped year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $188,877 in February 2012, moving north from $162,188 a year earlier. This followed a 2.6% decline in January from a year earlier.
From the year-ago figure of $155,868, the average mortgage size on new homes moved up to $169,576. Average mortgage size on new homes went from $166,288 in January 2011 to $182,989 in January 2012. The overall percentage of sale price that was being financed declined 6.3 percentage points year-over-year to 89.8% in February 2012. This came after an 11.4 percentage point boost 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 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 13.3% of sales. In February 2011, they made up 19.7%. The percentage of existing home sales involving foreclosures rose to 9.5% in February from 6.3% a year earlier while REO sales as a percentage of existing home sales fell to 3.8% from 13.4% a year earlier.
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Source: Housing Intelligence