St. Cloud, MN - Recent New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: May 07, 2012 09:49:09 AM
New home sales gained year-over-year in January in the St. Cloud, MN market, but the increase was less than December 2011. New home sales moved from one a year earlier to two after the figure moved from three in December 2010 to seven in December 2011.
A total of 48 new homes were sold during the 12 months that ended in January, up from 47 for the year that ended in December.
New home sales were two of the 105 total sales, down on a percentage basis from one of 32 a year earlier. For new and existing homes, sales grew year-over-year in January after also increasing in December year-over-year.
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The average new home price was $184,994 in January 2012, moving north from $162,500 a year earlier. This followed a 15.6% decline in December 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 January 2012. Single-family homes continued to account for all of new home sales.
St. Cloud, MN - Recent New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: May 07, 2012 09:49:09 AM
New home sales gained year-over-year in January in the St. Cloud, MN market, but the increase was less than December 2011. New home sales moved from one a year earlier to two after the figure moved from three in December 2010 to seven in December 2011.
A total of 48 new homes were sold during the 12 months that ended in January, up from 47 for the year that ended in December.
New home sales were two of the 105 total sales, down on a percentage basis from one of 32 a year earlier. For new and existing homes, sales grew year-over-year in January after also increasing in December year-over-year.
The average new home price was $184,994 in January 2012, moving north from $162,500 a year earlier. This followed a 15.6% decline in December 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 January 2012. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales declined in January from a year earlier, but remained a drag on the market. Foreclosures and REO sales, taken together, accounted for 28.2% of existing sales, lower than 38.7% a year earlier. The percentage of existing home sales involving foreclosures went from no part in January 2011 to 1.0% in January 2012 and REO sales as a percentage of existing home sales sank to 27.2% from 38.7% a year earlier.
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Source: Housing Intelligence