Wichita Falls, TX - Recent New Home Sales Numbers Give Hints Market Gain Building
Posted on: May 07, 2012 09:56:59 AM
In the Wichita Falls, TX market in February, new home sales increased year-over-year, and the increase was greater than January 2012. New home sales moved from three a year earlier to four after the figure moved from five in January 2011 to six in January 2012.
A total of 59 new homes were sold during the 12 months that ended in February, up from 58 for the year that ended in January.
Four of the 219 total sales were new home sales, a shift on a percentage basis from three out of 198 a year earlier. Following a year-over-year increase in January, sales of new and existing homes also climbed year-over-year in February.
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Pricing and Mortgage Trends
The average new home price in February 2012 went down to $93,683 from $158,275 last year. This followed a 29.6% rise in January year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $148,462 to $74,947. Average mortgage size on new homes went from $143,445 in January 2011 to $175,887 in January 2012. Of the overall sale price, the percentage that was being financed declined 13.8 percentage points year-over-year to 80.0% in February 2012.
Wichita Falls, TX - Recent New Home Sales Numbers Give Hints Market Gain Building
Posted on: May 07, 2012 09:56:59 AM
In the Wichita Falls, TX market in February, new home sales increased year-over-year, and the increase was greater than January 2012. New home sales moved from three a year earlier to four after the figure moved from five in January 2011 to six in January 2012.
A total of 59 new homes were sold during the 12 months that ended in February, up from 58 for the year that ended in January.
Four of the 219 total sales were new home sales, a shift on a percentage basis from three out of 198 a year earlier. Following a year-over-year increase in January, sales of new and existing homes also climbed year-over-year in February.
Pricing and Mortgage Trends
The average new home price in February 2012 went down to $93,683 from $158,275 last year. This followed a 29.6% rise in January year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $148,462 to $74,947. Average mortgage size on new homes went from $143,445 in January 2011 to $175,887 in January 2012. Of the overall sale price, the percentage that was being financed declined 13.8 percentage points year-over-year to 80.0% in February 2012.
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.
The average unit size of newly sold homes fell from 1,747 square feet a year earlier to 1,318 square feet.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Together, foreclosures plus REO sales accounted for 28.4% of existing home sales. In February 2011, they represented 33.3%. The percentage of existing home sales involving foreclosures went from 16.9% in February 2011 to 17.2% in February 2012 and REO sales as a percentage of existing home sales slipped to 11.2% from 16.4% a year earlier.
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Source: Housing Intelligence