Asheville, NC - Newest Figures for New Home Sales Suggest Market Drop is Mounting
Posted on: May 06, 2012 09:12:03 AM
New home sales dropped year-over-year in January in the Asheville, NC market, and the decline was by a larger percentage than the December 2011. New home sales moved from 25 a year earlier to seven after the figure moved from 51 in December 2010 to 36 in December 2011.
A total of 400 new homes were sold during the 12 months that ended in January, down from 418 for the year that ended in December.
New home sales accounted for seven of the 286 total sales, a smaller percentage compared with 25 of 341 sales a year earlier. For new and existing homes, sales sank in January after also declining in December year-over-year.
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Pricing and Mortgage Trends
The average price of new homes sold in January 2012 rose to $239,929 from the year-earlier figure of $200,108. This came after a 12.2% fall in December from a year earlier.
The average mortgage size on new homes was $167,059, up from $153,908. Average mortgage size fell 18.4% in December 2011 from a year earlier. For new home sales, the percentage of the sale price that was being financed fell 7.3 percentage points year-over-year to 69.6% in January 2012.
Asheville, NC - Newest Figures for New Home Sales Suggest Market Drop is Mounting
Posted on: May 06, 2012 09:12:03 AM
New home sales dropped year-over-year in January in the Asheville, NC market, and the decline was by a larger percentage than the December 2011. New home sales moved from 25 a year earlier to seven after the figure moved from 51 in December 2010 to 36 in December 2011.
A total of 400 new homes were sold during the 12 months that ended in January, down from 418 for the year that ended in December.
New home sales accounted for seven of the 286 total sales, a smaller percentage compared with 25 of 341 sales a year earlier. For new and existing homes, sales sank in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes sold in January 2012 rose to $239,929 from the year-earlier figure of $200,108. This came after a 12.2% fall in December from a year earlier.
The average mortgage size on new homes was $167,059, up from $153,908. Average mortgage size fell 18.4% in December 2011 from a year earlier. For new home sales, the percentage of the sale price that was being financed fell 7.3 percentage points year-over-year to 69.6% in January 2012.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for 20 of 25 last year. Meanwhile, attached units made up no part of new home sales after making up five of 25 sales a year earlier.
The average unit size of newly sold homes rose from 1,363 square feet a year earlier to 1,904 square feet.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Combined, foreclosures plus REO sales represented 45.5% of existing home sales. In January 2011, they accounted for 50.3%. The percentage of existing home sales involving foreclosures went from 28.2% in January 2011 to 28.3% in January 2012 and REO sales as a percentage of existing home sales slipped to 17.2% from 22.2% a year earlier.
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Source: Housing Intelligence