Atlanta, GA - Latest New Home Sales Numbers Give Hints Market Gain Building
Posted on: May 06, 2012 09:12:33 AM
There was an increase in sales of new homes in the Atlanta, GA market in January year-over-year, and the percentage boost was an improvement from December 2011, suggesting the market may be gaining momentum. Sales increased 24.1% from a year earlier to 376, relative to a 16.6% jump in December from the year earlier.
A total of 6,198 new homes were sold during the 12 months that ended in January, up from 6,125 for the year that ended in December.
New home sales accounted for 5.0% of overall housing sales. This is up from the 4.0% of sales a year earlier. For new and existing homes, sales fell in January after also declining in December year-over-year.
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Pricing and Mortgage Trends
The average price of new homes slipped 1.8% year-over-year in January to $246,954 per unit. This marks a downturn from the 9.7% rise in December year-over-year.
The average mortgage size on newly sold homes declined year-over-year in contrast to the average price of new homes. Average mortgage size dipped 3.2% to $219,213 in January from a year earlier. In December 2011, average mortgage size rose 6.4% from a year earlier. For new home sales, the percentage of the sale price that was being financed fell 1.2 percentage points year-over-year to 88.8% in January 2012.
Atlanta, GA - Latest New Home Sales Numbers Give Hints Market Gain Building
Posted on: May 06, 2012 09:12:33 AM
There was an increase in sales of new homes in the Atlanta, GA market in January year-over-year, and the percentage boost was an improvement from December 2011, suggesting the market may be gaining momentum. Sales increased 24.1% from a year earlier to 376, relative to a 16.6% jump in December from the year earlier.
A total of 6,198 new homes were sold during the 12 months that ended in January, up from 6,125 for the year that ended in December.
New home sales accounted for 5.0% of overall housing sales. This is up from the 4.0% of sales a year earlier. For new and existing homes, sales fell in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes slipped 1.8% year-over-year in January to $246,954 per unit. This marks a downturn from the 9.7% rise in December year-over-year.
The average mortgage size on newly sold homes declined year-over-year in contrast to the average price of new homes. Average mortgage size dipped 3.2% to $219,213 in January from a year earlier. In December 2011, average mortgage size rose 6.4% from a year earlier. For new home sales, the percentage of the sale price that was being financed fell 1.2 percentage points year-over-year to 88.8% in January 2012.
Other Market Trends
Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes rose from 84.5% in January 2011 to 87.5% of sales in January 2012. Conversely, the share of new home sales belonging to attached units fell to 12.5% of sales from 15.5% of sales.
The average unit size of newly sold homes declined 22.8% year-over-year to 1,958 square feet in January 2012. A fall was also seen in December 2011 when the average size of new homes sold slid 14.2% to 2,203 square feet.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Out of all existing home sales, foreclosures combined with REO sales made up 76.4% of sales. In January 2011, they represented 83.0%. The percentage of existing home sales involving foreclosures slipped to 37.5% in January from 45.8% a year earlier while REO sales as a percentage of existing home sales increased to 38.9% from 37.2%.
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Source: Housing Intelligence