Madison, WI - Newest New Home Sales Numbers Suggest Market Decline is Deepening
Posted on: May 07, 2012 09:26:19 AM
In the Madison, WI market, new home sales dropped year-over-year in January, and with a percentage decline harsher than December 2011, there were suggestions the market may be worsening. Sales sank 10.3% from a year earlier to 26. This came on the heels of a 6.7% decline year-over-year in December.
A total of 572 new homes were sold during the 12 months that ended in January, down from 575 for the year that ended in December.
New home sales accounted for 4.9% of overall housing sales, less than the 6.7% of sales a year earlier. For new and existing homes, sales jumped year-over-year in January after also increasing in December year-over-year.
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Pricing and Mortgage Trends
For newly sold homes, the average price moved from $244,578 in January 2011 to $243,575 in January 2012. This came after a 7.0% rise in December year-over-year.
For newly sold homes, the average mortgage size saw a gain year-over-year in contrast to new home prices. In January 2012, the average mortgage size on newly sold homes saw a 12.5% rise from a year earlier. In December 2011, average mortgage size on newly sold homes saw a 12.4% lift year-over-year from a year earlier. For new home sales, the percentage of the sale price that was being financed climbed 10.4 percentage points year-over-year to 91.1% in January 2012.
Madison, WI - Newest New Home Sales Numbers Suggest Market Decline is Deepening
Posted on: May 07, 2012 09:26:19 AM
In the Madison, WI market, new home sales dropped year-over-year in January, and with a percentage decline harsher than December 2011, there were suggestions the market may be worsening. Sales sank 10.3% from a year earlier to 26. This came on the heels of a 6.7% decline year-over-year in December.
A total of 572 new homes were sold during the 12 months that ended in January, down from 575 for the year that ended in December.
New home sales accounted for 4.9% of overall housing sales, less than the 6.7% of sales a year earlier. For new and existing homes, sales jumped year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price moved from $244,578 in January 2011 to $243,575 in January 2012. This came after a 7.0% rise in December year-over-year.
For newly sold homes, the average mortgage size saw a gain year-over-year in contrast to new home prices. In January 2012, the average mortgage size on newly sold homes saw a 12.5% rise from a year earlier. In December 2011, average mortgage size on newly sold homes saw a 12.4% lift year-over-year from a year earlier. For new home sales, the percentage of the sale price that was being financed climbed 10.4 percentage points year-over-year to 91.1% in January 2012.
Other Market Trends
Sales of attached units, as a percentage of new home sales, have gained from last year while sales of single-family homes have dipped. Attached unit sales increased from 27.6% of all sales in January 2011 to 30.8% of sales in January 2012. Meanwhile, single-family home sales as a percentage of all new home sales declined to 69.2% of sales from 72.4% of sales.
Foreclosures and real estate owned (REO) sales remained level in January from a year earlier, but remained a drag on the market. Together, foreclosures plus REO sales made up 35.4% of existing home sales, about the same as a year earlier. The percentage of existing home sales involving foreclosures rose to 21.4% in January from 17.0% a year earlier while REO sales as a percentage of existing home sales slipped to 13.9% from 17.5% a year earlier.
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Source: Housing Intelligence