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Jacksonville, FL - Recent New Home Sales Numbers Suggest Market Rise Slowing.

Posted on: May 07, 2012 09:19:11 AM

There was an increase in sales of new homes in the Jacksonville, FL market in February year-over-year, but as the percentage rose less than January 2012, the market seemed to show signs of leveling. Sales increased 2.6% from a year earlier to 199, relative to a 6.0% rise in January from the year earlier.

A total of 2,979 new homes were sold during the 12 months that ended in February, up from 2,974 for the year that ended in January.

As a percentage of overall housing sales, new home sales made up 11.8% of overall housing sales. A year earlier, new home sales represented 11.1% of total sales. Sales of new and existing homes dipped year-over-year in February after also falling in January year-over-year.

Pricing and Mortgage Trends

For newly sold homes, the average price fell 7.4% year-over-year in February to $230,459 per unit. This is a movement south from the 15.1% gain in January year-over-year.

Average mortgage size on new homes declined year-over-year in contrast to new home prices. In February 2012, average mortgage size on new homes sold was $208,121, down 2.5% from a year earlier. Average mortgage size rose 10.6% in January 2012 from a year earlier. For new home sales, the percentage of the sale price that was being financed increased 4.5 percentage points year-over-year to 90.3% in February 2012. In January 2012, there was a 3.6 percentage point decline in January from a year earlier.

Other Market Trends

The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached unit sales gained from 7.2% of all sales in February 2011 to 8.5% of sales in February 2012. At the same time, the share belonging to single-family homes declined to 91.5% of sales from 92.8% of sales.

The average unit size of newly sold homes rose 3.3% year-over-year to 2,227 square feet in February 2012. The average size of newly sold homes moved from 2,240 square feet in January 2011 to 2,098 square feet in January 2012.

Foreclosures and real estate owned (REO) sales remained a drag on the market. Together, foreclosures plus REO sales made up 52.3% of existing home sales. They represented 61.5% in February 2011. The percentage of existing home sales involving foreclosures rose to 31.6% in February from 23.7% a year earlier while REO sales as a percentage of existing home sales fell to 20.7% from 37.8% a year earlier.

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