Tyler, TX - Recent Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 07, 2012 09:53:07 AM
In February, there was an increase in sales of new homes in the Tyler, TX market year-over-year, and the increase was greater than January 2012. New home sales moved from seven a year earlier to 11 after the figure moved from 11 in January 2011 to 12 in January 2012.
A total of 159 new homes were sold during the 12 months that ended in February, up from 155 for the year that ended in January.
New home sales were 11 of the 211 total sales, up on a percentage basis from seven of 210 a year earlier. Sales of new and existing homes rose year-over-year in February after also rising in January year-over-year.
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Pricing and Mortgage Trends
The average new home price was $188,148 in February 2012, moving north from $159,180 a year earlier. This came after a 14.7% decline in January from a year earlier.
From the year-ago figure of $133,178, the average mortgage size on new homes moved up to $164,526. Average mortgage size on new homes went from $214,043 in January 2011 to $176,609 in January 2012. The overall percentage of sale price that was being financed increased 3.8 percentage points year-over-year to 87.4% in February 2012. In January 2012, there was a 2.7 percentage point decline in January from a year earlier.
Tyler, TX - Recent Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 07, 2012 09:53:07 AM
In February, there was an increase in sales of new homes in the Tyler, TX market year-over-year, and the increase was greater than January 2012. New home sales moved from seven a year earlier to 11 after the figure moved from 11 in January 2011 to 12 in January 2012.
A total of 159 new homes were sold during the 12 months that ended in February, up from 155 for the year that ended in January.
New home sales were 11 of the 211 total sales, up on a percentage basis from seven of 210 a year earlier. Sales of new and existing homes rose year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $188,148 in February 2012, moving north from $159,180 a year earlier. This came after a 14.7% decline in January from a year earlier.
From the year-ago figure of $133,178, the average mortgage size on new homes moved up to $164,526. Average mortgage size on new homes went from $214,043 in January 2011 to $176,609 in January 2012. The overall percentage of sale price that was being financed increased 3.8 percentage points year-over-year to 87.4% in February 2012. In January 2012, there was a 2.7 percentage point decline 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 continued to decline from a year earlier in February, but did not appear to be dragging the market. Foreclosures and REO sales, taken together, made up 21.5% of existing sales, lower than 31.5% a year earlier. The percentage of existing home sales involving foreclosures declined to 8.5% in February from 16.7% a year earlier while REO sales as a percentage of existing home sales dipped to 13.0% from 14.8% a year earlier.
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Source: Housing Intelligence