Reno, NV - Freshest New Home Sales Numbers Decrease Year-Over-Year in February After Rise Year-Over-Year in January
Posted on: May 07, 2012 09:39:31 AM
In February, the Reno, NV market saw a decline year-over-year in new home sales, a shift downward off a rise in January 2012. Sales declined 3.3% from a year earlier to 29, compared with a 3.8% rise in January from the year earlier.
A total of 504 new homes were sold during the 12 months that ended in February, down from 505 for the year that ended in January.
Following a year-over-year increase in January, sales of new and existing homes dipped year-over-year in February.
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Pricing and Mortgage Trends
Average price of newly sold homes had a 22.0% drop year-over-year to $238,655 per unit in February. This is a downward shift from the 43.7% bump in January year-over-year.
For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. It fell to $220,393 in February, a 4.3% decline. In January 2012, average mortgage size jumped 39.6% from a year earlier. The overall percentage of sale price that was being financed rose 17.0 percentage points year-over-year to 92.3% in February 2012. This came after a 2.6 percentage point decline in January from a year earlier.
Reno, NV - Freshest New Home Sales Numbers Decrease Year-Over-Year in February After Rise Year-Over-Year in January
Posted on: May 07, 2012 09:39:31 AM
In February, the Reno, NV market saw a decline year-over-year in new home sales, a shift downward off a rise in January 2012. Sales declined 3.3% from a year earlier to 29, compared with a 3.8% rise in January from the year earlier.
A total of 504 new homes were sold during the 12 months that ended in February, down from 505 for the year that ended in January.
Following a year-over-year increase in January, sales of new and existing homes dipped year-over-year in February.
Pricing and Mortgage Trends
Average price of newly sold homes had a 22.0% drop year-over-year to $238,655 per unit in February. This is a downward shift from the 43.7% bump in January year-over-year.
For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. It fell to $220,393 in February, a 4.3% decline. In January 2012, average mortgage size jumped 39.6% from a year earlier. The overall percentage of sale price that was being financed rose 17.0 percentage points year-over-year to 92.3% in February 2012. This came after a 2.6 percentage point decline in January from a year earlier.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. The share of new home sales belonging to attached units grew from 13.3% of sales in February 2011 to 20.7% of sales in February 2012. Conversely, the share belonging to single-family homes declined to 79.3% of sales from 86.7% of sales.
The average unit size of newly sold homes slid 24.7% year-over-year to 1,640 square feet in February 2012. The average size of newly sold homes moved from 1,942 square feet in January 2011 to 2,411 square feet in January 2012.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Out of all existing home sales, foreclosures combined with REO sales represented 62.2% of sales. In February 2011, they accounted for 67.8%. The percentage of existing home sales involving foreclosures declined to 26.5% in February from 30.9% a year earlier while REO sales as a percentage of existing home sales dipped to 35.7% from 36.9% a year earlier.
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Source: Housing Intelligence