Shreveport, LA - Recent New Home Sales Numbers Suggest Market Drop is Deepening
Posted on: May 07, 2012 09:47:16 AM
In February, the Shreveport, LA market saw a drop year-over-year in new home sales, and the percentage decline worsened from January 2012, indicating the market may be weakening. New home sales saw a fall of 24.1% from the year earlier to 41. This was after the housing market saw a 17.4% decline year-over-year in January.
A total of 670 new homes were sold during the 12 months that ended in February, down from 683 for the year that ended in January.
Moving south from a year earlier, new home sales in February 2012 made up 7.8% of overall housing sales, while the year-ago figure was 10.2%. Following a year-over-year increase in January, sales of new and existing homes declined year-over-year in February.
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Pricing and Mortgage Trends
In February, the average price of newly sold homes grew 21.7% year-over-year to $253,437 per unit. This bump is better than the 2.1% rise in January year-over-year.
The average mortgage size on newly sold homes saw a boost year-over-year along with new home prices. The average mortgage size saw an 11.5% surge year-over-year to $238,513 in February. In January 2012, average mortgage size rose 5.0% from a year earlier.
Shreveport, LA - Recent New Home Sales Numbers Suggest Market Drop is Deepening
Posted on: May 07, 2012 09:47:16 AM
In February, the Shreveport, LA market saw a drop year-over-year in new home sales, and the percentage decline worsened from January 2012, indicating the market may be weakening. New home sales saw a fall of 24.1% from the year earlier to 41. This was after the housing market saw a 17.4% decline year-over-year in January.
A total of 670 new homes were sold during the 12 months that ended in February, down from 683 for the year that ended in January.
Moving south from a year earlier, new home sales in February 2012 made up 7.8% of overall housing sales, while the year-ago figure was 10.2%. Following a year-over-year increase in January, sales of new and existing homes declined year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes grew 21.7% year-over-year to $253,437 per unit. This bump is better than the 2.1% rise in January year-over-year.
The average mortgage size on newly sold homes saw a boost year-over-year along with new home prices. The average mortgage size saw an 11.5% surge year-over-year to $238,513 in February. In January 2012, average mortgage size rose 5.0% 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 made up all of new home sales while attached unit sales have represented no part of sales.
There was a 26.0% drop year-over-year in the average unit size of newly sold homes to 1,915 square feet in February 2012. The average size of newly sold homes moved from 2,429 square feet in January 2011 to 2,995 square feet in January 2012.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Out of all existing home sales, foreclosures combined with REO sales made up 29.6% of sales. They represented 25.7% in February 2011. The percentage of existing home sales involving foreclosures rose to 13.8% in February from 12.4% a year earlier while REO sales as a percentage of existing home sales increased to 15.8% from 13.3%.
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Source: Housing Intelligence