Columbus, OH - Recent New Home Sales Numbers Give Hints Market Drop is Slowing
Posted on: May 06, 2012 09:22:00 AM
In January, there was a drop year-over-year in new home sales in the Columbus, OH market, but the percentage decline was not as steep as December 2011, suggesting market improvement. Sales slumped 15.6% from a year earlier to 124, relative to a 26.5% fall in December from the year earlier.
A total of 2,292 new homes were sold during the 12 months that ended in January, down from 2,315 for the year that ended in December.
Out of all housing sales, new home sales accounted for 7.9%. They made up 8.1% of sales a year earlier. After rising year-over-year in December, sales of new and existing homes slid year-over-year in January.
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Pricing and Mortgage Trends
From January 2011 to January 2012, the average price of newly sold homes went from $230,523 to $232,398. This came after a 1.7% rise in December year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. It increased 5.9% in January from a year earlier to $218,052. Average mortgage size went from $220,822 in December 2010 to $221,111 in December 2011. Of the overall sale price, the percentage that was being financed rose 4.5 percentage points year-over-year to 93.8% in January 2012. In December 2011, there was a 1.3 percentage point decline in December from a year earlier.
Columbus, OH - Recent New Home Sales Numbers Give Hints Market Drop is Slowing
Posted on: May 06, 2012 09:22:00 AM
In January, there was a drop year-over-year in new home sales in the Columbus, OH market, but the percentage decline was not as steep as December 2011, suggesting market improvement. Sales slumped 15.6% from a year earlier to 124, relative to a 26.5% fall in December from the year earlier.
A total of 2,292 new homes were sold during the 12 months that ended in January, down from 2,315 for the year that ended in December.
Out of all housing sales, new home sales accounted for 7.9%. They made up 8.1% of sales a year earlier. After rising year-over-year in December, sales of new and existing homes slid year-over-year in January.
Pricing and Mortgage Trends
From January 2011 to January 2012, the average price of newly sold homes went from $230,523 to $232,398. This came after a 1.7% rise in December year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. It increased 5.9% in January from a year earlier to $218,052. Average mortgage size went from $220,822 in December 2010 to $221,111 in December 2011. Of the overall sale price, the percentage that was being financed rose 4.5 percentage points year-over-year to 93.8% in January 2012. In December 2011, there was a 1.3 percentage point decline in December from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes gained from 82.3% in January 2011 to 87.9% of sales in January 2012. Conversely, the share of new home sales belonging to attached units fell to 12.1% of sales from 17.7% of sales.
For all new homes sold, the average unit size declined 11.4% year-over-year to 1,712 square feet in January 2012. The average size of newly sold homes moved from 2,118 square feet in December 2010 to 1,914 square feet in December 2011.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales accounted for 51.5% of existing home sales. In January 2011, they represented 59.7%. The percentage of existing home sales involving foreclosures slipped to 22.2% in January from 27.9% a year earlier while REO sales as a percentage of existing home sales fell to 29.2% from 31.9% a year earlier.
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Source: Housing Intelligence