Latest Figures Show New Home Sales Level from Last Year, Prices Drop in Victoria
Posted on: May 06, 2013 07:38:07 AM
New home closings in the Victoria, TX market were unchanged year-over-year in January, staying flat after advancing year-over-year in December from the year earlier. Closings remained level at six from a year earlier after the figure moved from eight in December 2011 to nine in December 2012.
A total of 72 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
Six of the 94 total closings were new home closings, a shift on a percentage basis from six out of 108 a year earlier. Closings of new and existing homes fell year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $247,757, down from $256,734 a year earlier. This came after a 2.6% decline in December from a year earlier.
Average mortgage size on new homes increased to $218,874 from $205,388 last year. Average mortgage size on new homes went from $226,063 in December 2011 to $215,512 in December 2012. Of the overall sale price, the percentage that was being financed increased 8.3 percentage points year-over-year to 88.3% in January 2013. In December 2012, there was a 1.8 percentage point decline in December from a year earlier.
Latest Figures Show New Home Sales Level from Last Year, Prices Drop in Victoria
Posted on: May 06, 2013 07:38:07 AM
New home closings in the Victoria, TX market were unchanged year-over-year in January, staying flat after advancing year-over-year in December from the year earlier. Closings remained level at six from a year earlier after the figure moved from eight in December 2011 to nine in December 2012.
A total of 72 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
Six of the 94 total closings were new home closings, a shift on a percentage basis from six out of 108 a year earlier. Closings of new and existing homes fell year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $247,757, down from $256,734 a year earlier. This came after a 2.6% decline in December from a year earlier.
Average mortgage size on new homes increased to $218,874 from $205,388 last year. Average mortgage size on new homes went from $226,063 in December 2011 to $215,512 in December 2012. Of the overall sale price, the percentage that was being financed increased 8.3 percentage points year-over-year to 88.3% in January 2013. In December 2012, there was a 1.8 percentage point decline in December 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 January 2013. Single-family homes continued to account for all of new home closings.
Foreclosures and real estate owned (REO) closings did not look to be a burden on the market. Together, foreclosures plus REO closings represented 18.2% of existing home closings. In January 2012, they accounted for 23.5%. The percentage of existing home closings involving foreclosures declined to 5.7% in January from 11.8% a year earlier and REO closings moved from 11.8% of existing home closings in January 2012 to 12.5% in January 2013.
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Source: Housing Intelligence