Olympia, WA - Latest Figures for New Home Sales Remain Level
Posted on: May 07, 2012 09:33:21 AM
New home sales in the Olympia, WA market remained steady year-over-year in February, evening out after a boost in January from the year earlier. Sales of new homes remained unchanged at 40 from a year earlier, after sales gained by 10.8%in January year-over-year.
A total of 644 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home sales accounted for 20.6% of overall housing sales. This marks a rise from 15.6% of total sales a year earlier. Sales of new and existing homes slid year-over-year in February after also falling in January year-over-year.
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Pricing and Mortgage Trends
In February, there was a 6.0% rise year-over-year in the average price of newly sold homes, reaching $244,261 per unit. This rise is an improvement over the 2.3% rise in January year-over-year.
For newly sold homes, average mortgage size stayed level year-over-year in February, lingering at $229,244. Average mortgage size increased 10.0% in January 2012 from a year earlier.
Olympia, WA - Latest Figures for New Home Sales Remain Level
Posted on: May 07, 2012 09:33:21 AM
New home sales in the Olympia, WA market remained steady year-over-year in February, evening out after a boost in January from the year earlier. Sales of new homes remained unchanged at 40 from a year earlier, after sales gained by 10.8%in January year-over-year.
A total of 644 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home sales accounted for 20.6% of overall housing sales. This marks a rise from 15.6% of total sales a year earlier. Sales of new and existing homes slid year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
In February, there was a 6.0% rise year-over-year in the average price of newly sold homes, reaching $244,261 per unit. This rise is an improvement over the 2.3% rise in January year-over-year.
For newly sold homes, average mortgage size stayed level year-over-year in February, lingering at $229,244. Average mortgage size increased 10.0% in January 2012 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 home sales have made up 97.5% of new home sales while attached unit sales have represented 2.5% of sales.
There was a 54.8% drop year-over-year in the average unit size of newly sold homes to 1,080 square feet in February 2012. In January, the average size of new homes sold went from 1,762 square feet a year earlier to 2,220 square feet.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Together, foreclosures plus REO sales made up 53.2% of existing home sales. They represented 63.0% in February 2011. The percentage of existing home sales involving foreclosures slipped to 25.3% in February from 31.9% a year earlier while REO sales as a percentage of existing home sales dipped to 27.9% from 31.0% a year earlier.
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Source: Housing Intelligence