Provo, UT - Recent New Home Sales Numbers Give Hints Market Gain Building
Posted on: May 07, 2012 09:38:10 AM
The Provo, UT market saw a rise in new home sales in February year-over-year, and the market showed hints of strengthening as the percentage boost turned out sharper than January 2012. Sales climbed 69.2% from a year earlier to 88. This followed a 7.8% rise year-over-year in January.
A total of 1,238 new homes were sold during the 12 months that ended in February, up from 1,202 for the year that ended in January.
New home sales accounted for 13.1% of overall housing sales. This is up from the 9.5% of sales a year earlier. Sales of new and existing homes climbed year-over-year in February following a drop in January year-over-year.
Advertisement
Pricing and Mortgage Trends
For newly sold homes, the average price rose 2.7% year-over-year in February to $247,597 per unit. This rise is smaller than the 6.9% rise in January year-over-year.
For newly sold homes, the average mortgage size saw a rise year-over-year along with new home prices. In February 2012, the average mortgage size was $210,694, a 1.1% rise from a year earlier. In January 2012, average mortgage size on newly sold homes saw a 1.6% rise year-over-year from a year earlier. Of the overall sale price, the percentage that was being financed fell 1.3 percentage points year-over-year to 85.1% in February 2012.
Provo, UT - Recent New Home Sales Numbers Give Hints Market Gain Building
Posted on: May 07, 2012 09:38:10 AM
The Provo, UT market saw a rise in new home sales in February year-over-year, and the market showed hints of strengthening as the percentage boost turned out sharper than January 2012. Sales climbed 69.2% from a year earlier to 88. This followed a 7.8% rise year-over-year in January.
A total of 1,238 new homes were sold during the 12 months that ended in February, up from 1,202 for the year that ended in January.
New home sales accounted for 13.1% of overall housing sales. This is up from the 9.5% of sales a year earlier. Sales of new and existing homes climbed year-over-year in February following a drop in January year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price rose 2.7% year-over-year in February to $247,597 per unit. This rise is smaller than the 6.9% rise in January year-over-year.
For newly sold homes, the average mortgage size saw a rise year-over-year along with new home prices. In February 2012, the average mortgage size was $210,694, a 1.1% rise from a year earlier. In January 2012, average mortgage size on newly sold homes saw a 1.6% rise year-over-year from a year earlier. Of the overall sale price, the percentage that was being financed fell 1.3 percentage points year-over-year to 85.1% in February 2012.
Other Market Trends
As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. Single-family home sales increased from 94.2% of new sales in February 2011 to 98.9% of sales in February 2012. At the same time, the share of new home sales belonging to attached units dropped to 1.1% of sales from 5.8% of sales.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales made up 40.5% of sales. They accounted for 48.5% in February 2011. The percentage of existing home sales involving foreclosures slipped to 16.5% in February from 21.9% a year earlier while REO sales as a percentage of existing home sales declined to 24.0% from 26.6% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence