Latest Numbers For Waco Show New Home Closings and Prices Increase
Posted on: May 06, 2013 07:38:42 AM
In the Waco, TX market, new home closings gained year-over-year in February, moving up after a decline in January 2013. Closings increased 25.0% from a year earlier to 20, relative to a 15.8% drop in January from the year earlier.
A total of 291 new homes were sold during the 12 months that ended in February, up from 287 for the year that ended in January.
Of 281 total closings, 20 were of new homes. This is an increase on a percentage basis, as new home closings were 4.5% of total closings a year ago. Closings of new and existing homes dropped year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year in February to $206,239 per unit, a rise of 5.7%. This rise is smaller than the 7.0% rise in January year-over-year.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. In February 2013, there was a 5.0% decline in the average mortgage size on new homes to $176,450. In January 2013, average mortgage size on newly sold homes saw a 8.0% decline from a year earlier. The overall percentage of sale price that was being financed slipped 9.6 percentage points year-over-year to 85.6% in February 2013.
Latest Numbers For Waco Show New Home Closings and Prices Increase
Posted on: May 06, 2013 07:38:42 AM
In the Waco, TX market, new home closings gained year-over-year in February, moving up after a decline in January 2013. Closings increased 25.0% from a year earlier to 20, relative to a 15.8% drop in January from the year earlier.
A total of 291 new homes were sold during the 12 months that ended in February, up from 287 for the year that ended in January.
Of 281 total closings, 20 were of new homes. This is an increase on a percentage basis, as new home closings were 4.5% of total closings a year ago. Closings of new and existing homes dropped year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year in February to $206,239 per unit, a rise of 5.7%. This rise is smaller than the 7.0% rise in January year-over-year.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. In February 2013, there was a 5.0% decline in the average mortgage size on new homes to $176,450. In January 2013, average mortgage size on newly sold homes saw a 8.0% decline from a year earlier. The overall percentage of sale price that was being financed slipped 9.6 percentage points year-over-year to 85.6% in February 2013.
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 2013. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
There was a 23.5% fall year-over-year in the average unit size of newly sold homes to 1,563 square feet in February 2013. This decline was opposite the price rise, a pattern also seen in January 2013 when the average size of newly sold homes sank 21.8% to 1,740 square feet.
Foreclosures and real estate owned (REO) closings stayed steady in February from a year earlier, but stayed a drag on the market. Combined, foreclosures plue REO closings made up 29.1% of existing home closings, relatively unchanged from a year earlier. The percentage of existing home closings involving foreclosures declined to 14.9% in February from 18.6% a year earlier while REO closings as a percentage of existing home closings rose to 14.2% from 10.3%.
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Source: Housing Intelligence