From: BUILDER 11 November 2011
Posted on: February 6, 2012
Springfield, MO Dashboard Reports

Springfield, MO - Latest Figures for New Home Sales Fall Year-Over-Year in November After Climbing Year-Over-Year in October

By:: Market Intelligence Analytics

In the Springfield, MO market in November, new home sales declined year-over-year, drawing a downward slope off of a rise in October 2011. New home sales saw a decline of 47.1% from the year earlier to 18 after sales increased 9.4% in October from the year earlier.

A total of 389 new homes were sold during the 12 months that ended in November, down from 405 for the year that ended in October.

Moving south from a year earlier, new home sales in November 2011 made up 3.3% of overall housing sales, while the year-ago figure was 6.4%. Sales of new and existing homes increased year-over-year in November after also rising in October year-over-year.

Pricing and Mortgage Trends

The average price of new homes rose year-over-year in November to $182,946 per unit, a rise of 7.9%. This rise is smaller than the 31.6% gain in October year-over-year.

For newly sold homes, the average mortgage size dipped year-over-year in contrast to average price of new homes. It fell to $132,740 in November, a 6.2% decline. Average mortgage size grew 34.9% in October 2011 from a year earlier. For new home sales, the percentage of the sale price that was being financed sank 10.9 percentage points year-over-year to 72.6% in November 2011. In October 2011, there was a 2.1 percentage point rise 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 November 2011. Single-family home sales have represented all of new home sales while attached unit sales have made up no part of sales.

Foreclosures and real estate owned (REO) sales remained a drag on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 36.3% of sales. In November 2010, they made up 41.0%. The percentage of existing home sales involving foreclosures rose to 21.7% in November from 16.6% a year earlier while REO sales as a percentage of existing home sales slipped to 14.6% from 24.4% a year earlier.

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Subject: Local Markets, Economic Conditions, Home Prices
Location: Springfield, MO

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John McManus

Standard Pacific Strides Into the Black in Q1

Builder Pulse

John McManus is an award-winning editorial director for the Residential Construction Group at Hanley Wood in Washington, D.C. In addition to the BUILDER digital, print, and in-person editorial and programming portfolio, the group includes strategic content direction for AFFORDABLE HOUSING FINANCE, APARTMENT FINANCE TODAY, CUSTOM HOME, EcoHome, MULTIFAMILY EXECUTIVE, and residential architect.

Standard Pacific released first-quarter earnings post market close last night that beat Wall Street analysts' posted predictions. After a near brush with death in 2008, and life-support from MatlinPatterson's real estate funds, Standard Pacific's strategic, operational, and tactical planning and execution are playing well in what continues to be an adverse market environment in most of its competitive arenas.