Waco, TX - Freshest Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 07, 2012 09:55:13 AM
Sales of new homes in the Waco, TX market dropped year-over-year in February, and the market seemed to be weakening with a percentage drop more severe than in January 2012. New home sales saw a 21.1% drop from a year earlier to 15 after sales fell 10.0% in January from the year earlier.
A total of 322 new homes were sold during the 12 months that ended in February, down from 326 for the year that ended in January.
Moving south from a year earlier, new home sales in February 2012 made up 4.3% of overall housing sales, while the year-ago figure was 7.0%. 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 price of new homes fell 1.8% year-over-year in February to $190,403 per unit. This is a reversal from the 4.1% rise in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year in contrast to new home prices. In February 2012, average mortgage size rose 2.9% from a year earlier to $180,550. In January 2012, average mortgage size on newly sold homes saw a 7.8% decline from a year earlier.
Waco, TX - Freshest Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 07, 2012 09:55:13 AM
Sales of new homes in the Waco, TX market dropped year-over-year in February, and the market seemed to be weakening with a percentage drop more severe than in January 2012. New home sales saw a 21.1% drop from a year earlier to 15 after sales fell 10.0% in January from the year earlier.
A total of 322 new homes were sold during the 12 months that ended in February, down from 326 for the year that ended in January.
Moving south from a year earlier, new home sales in February 2012 made up 4.3% of overall housing sales, while the year-ago figure was 7.0%. 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 price of new homes fell 1.8% year-over-year in February to $190,403 per unit. This is a reversal from the 4.1% rise in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year in contrast to new home prices. In February 2012, average mortgage size rose 2.9% from a year earlier to $180,550. In January 2012, average mortgage size on newly sold homes saw a 7.8% decline from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. Single-family home sales gained from 94.7% of new sales in February 2011 to all of sales in February 2012. At the same time, the share of new home sales belonging to attached units sank to no part of sales from 5.3% of sales.
Foreclosures and real estate owned (REO) sales remained level in February from a year earlier, but remained a burden on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 28.7% of sales, relatively unmoved from a year earlier. The percentage of existing home sales involving foreclosures rose to 18.9% in February from 16.9% a year earlier while REO sales as a percentage of existing home sales dipped to 9.9% from 11.8% a year earlier.
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Source: Housing Intelligence