Bend, OR - Freshest Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January
Posted on: May 06, 2012 09:14:48 AM
New home sales jumped year-over-year in February in the Bend, OR market, rebounding from a year-over-year decline in January 2012. New home sales moved from 14 a year earlier to 27 after the figure moved from 15 in January 2011 to 13 in January 2012.
A total of 186 new homes were sold during the 12 months that ended in February, up from 173 for the year that ended in January.
New home sales were 27 out of 304 total sales, making up 8.9%. This is up on a percentage basis from 14 of 308 a year earlier. Sales of new and existing homes slipped year-over-year in February after also falling in January year-over-year.
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Pricing and Mortgage Trends
The average per-unit price of new homes was $241,411 in February 2012, moving south from $270,146 a year earlier. This was on the heels of a 17.2% hike in January year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $218,033 to $202,571. Average mortgage size on new homes went from $175,668 in January 2011 to $209,885 in January 2012. For new home sales, the percentage of the sale price that was being financed increased 3.2 percentage points year-over-year to 83.9% in February 2012. This was another rise after January 2012 when there was a 1.7 percentage point rise from a year earlier.
Bend, OR - Freshest Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January
Posted on: May 06, 2012 09:14:48 AM
New home sales jumped year-over-year in February in the Bend, OR market, rebounding from a year-over-year decline in January 2012. New home sales moved from 14 a year earlier to 27 after the figure moved from 15 in January 2011 to 13 in January 2012.
A total of 186 new homes were sold during the 12 months that ended in February, up from 173 for the year that ended in January.
New home sales were 27 out of 304 total sales, making up 8.9%. This is up on a percentage basis from 14 of 308 a year earlier. Sales of new and existing homes slipped year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $241,411 in February 2012, moving south from $270,146 a year earlier. This was on the heels of a 17.2% hike in January year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $218,033 to $202,571. Average mortgage size on new homes went from $175,668 in January 2011 to $209,885 in January 2012. For new home sales, the percentage of the sale price that was being financed increased 3.2 percentage points year-over-year to 83.9% in February 2012. This was another rise after January 2012 when there was a 1.7 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 February 2012. Single-family homes continued to account for all of new home sales.
The average unit size of newly sold homes fell from 2,855 square feet a year earlier to 1,544 square feet.
Foreclosures and real estate owned (REO) sales fell in February from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO sales made up 45.1% of existing home sales, down from 62.9% a year earlier. The percentage of existing home sales involving foreclosures sank to 14.1% in February from 24.5% a year earlier while REO sales as a percentage of existing home sales dipped to 31.0% from 38.4% a year earlier.
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Source: Housing Intelligence