Virginia Beach, VA - Newest Figures for New Home Sales Fall Year-Over-Year in January After Climbing Year-Over-Year in December
Posted on: May 07, 2012 09:54:45 AM
In the Virginia Beach, VA market, sales of new homes fell year-over-year in January, curving down after an increase in December 2011. Sales shifted from 120 in January 2011 to 119 in January 2012, after a rise of 9.5% in December from the year earlier.
A total of 2,024 new homes were sold during the 12 months that ended in January, down from 2,025 for the year that ended in December.
Out of all housing sales, new home sales represented 7.3%. New home sales were 7.9% of overall sales last year. Sales of new and existing homes rose year-over-year in January after also rising in December year-over-year.
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Pricing and Mortgage Trends
For newly sold homes, the average price moved from $280,629 in January 2011 to $279,947 in January 2012. This was on the heels of a 7.3% rise in December year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. Average mortgage size slipped 5.2% to $248,063 in January from a year earlier. Average mortgage size climbed 10.1% in December 2011 from a year earlier. Of the overall sale price, the percentage that was being financed dipped 4.7 percentage points year-over-year to 88.6% in January 2012. This was a swing downward after a 2.3 percentage point rise in December from a year earlier.
Virginia Beach, VA - Newest Figures for New Home Sales Fall Year-Over-Year in January After Climbing Year-Over-Year in December
Posted on: May 07, 2012 09:54:45 AM
In the Virginia Beach, VA market, sales of new homes fell year-over-year in January, curving down after an increase in December 2011. Sales shifted from 120 in January 2011 to 119 in January 2012, after a rise of 9.5% in December from the year earlier.
A total of 2,024 new homes were sold during the 12 months that ended in January, down from 2,025 for the year that ended in December.
Out of all housing sales, new home sales represented 7.3%. New home sales were 7.9% of overall sales last year. Sales of new and existing homes rose year-over-year in January after also rising in December year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price moved from $280,629 in January 2011 to $279,947 in January 2012. This was on the heels of a 7.3% rise in December year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. Average mortgage size slipped 5.2% to $248,063 in January from a year earlier. Average mortgage size climbed 10.1% in December 2011 from a year earlier. Of the overall sale price, the percentage that was being financed dipped 4.7 percentage points year-over-year to 88.6% in January 2012. This was a swing downward after a 2.3 percentage point rise in December from a year earlier.
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 76.7% in January 2011 to 91.6% of sales in January 2012. At the same time, the share of new home sales belonging to attached units sank to 8.4% of sales from 23.3% of sales.
The average unit size of newly sold homes went from 2,091 square feet in January 2011 to 2,108 square feet in January 2012. In December 2011, the average size of newly sold homes declined 3.2% from the year earlier.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Together, foreclosures plus REO sales accounted for 54.3% of existing home sales. In January 2011, they made up 58.7%. The percentage of existing home sales involving foreclosures went from 27.6% in January 2011 to 28.5% in January 2012 and REO sales as a percentage of existing home sales slipped to 25.8% from 31.0% a year earlier.
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Source: Housing Intelligence