Lakeland, FL - Freshest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 07, 2012 09:22:18 AM
In the Lakeland, FL market in February, new home sales rose year-over-year, and the market seemed to be suggesting strengthening with a percentage rise more robust than January 2012. New home sales saw a 5.9% rise from a year earlier to 72. This came after a 3.6% rise year-over-year in January.
A total of 1,030 new homes were sold during the 12 months that ended in February, up from 1,026 for the year that ended in January.
Out of all housing sales, new home sales accounted for 9.0%. This is a rise from 7.7% of sales a year earlier. Sales of new and existing homes declined year-over-year in February after also falling in January year-over-year.
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Pricing and Mortgage Trends
The average price of new homes increased year-over-year in February to $160,033 per unit, a rise of 2.4%. This rise is smaller than the 10.0% rise in January year-over-year.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. It dipped 8.8% in February from a year earlier, reaching $145,698. In January 2012, average mortgage size grew 28.3% from a year earlier.
Lakeland, FL - Freshest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 07, 2012 09:22:18 AM
In the Lakeland, FL market in February, new home sales rose year-over-year, and the market seemed to be suggesting strengthening with a percentage rise more robust than January 2012. New home sales saw a 5.9% rise from a year earlier to 72. This came after a 3.6% rise year-over-year in January.
A total of 1,030 new homes were sold during the 12 months that ended in February, up from 1,026 for the year that ended in January.
Out of all housing sales, new home sales accounted for 9.0%. This is a rise from 7.7% of sales a year earlier. Sales of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year in February to $160,033 per unit, a rise of 2.4%. This rise is smaller than the 10.0% rise in January year-over-year.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. It dipped 8.8% in February from a year earlier, reaching $145,698. In January 2012, average mortgage size grew 28.3% 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 represented 98.6% of new home sales while attached unit sales have accounted for 1.4% of sales.
The average unit size of newly sold homes gained 31.6% year-over-year to 1,991 square feet in February 2012. In January, the average size of new homes sold went from 1,923 square feet a year earlier to 1,612 square feet.
Foreclosures and real estate owned (REO) sales fell in February from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO sales represented 51.6% of existing home sales, below 69.7% a year earlier. The percentage of existing home sales involving foreclosures rose to 30.1% in February from 20.4% a year earlier while REO sales as a percentage of existing home sales slid to 21.5% from 49.3% a year earlier.
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Source: Housing Intelligence