New Orleans, LA - Freshest New Home Sales Increase Year-Over-Year in January After Falling Year-Over-Year in December
Posted on: May 07, 2012 09:31:30 AM
Sales of new homes jumped year-over-year in January in the New Orleans, LA market, on an upswing after a decline in December 2011. New home sales saw a climb of 30.8% from the year earlier to 34. This came on the heels of a 6.2% decline year-over-year in December.
A total of 530 new homes were sold during the 12 months that ended in January, up from 522 for the year that ended in December.
Out of all housing sales, new home sales represented 3.5%. A year earlier, new home sales accounted for 3.0% of total sales. For new and existing homes, sales rose year-over-year in January after also increasing in December year-over-year.
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Pricing and Mortgage Trends
The average price of new homes grew 11.1% year-over-year in January to $236,839 per unit. This is an about-face from the 34.3% fall in December from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In January 2012, average mortgage size on new homes sold was $190,244, down 9.0% from a year earlier. In December 2011, average mortgage size on newly sold homes saw a 15.2% drop from a year earlier. The overall percentage of sale price that was being financed dropped 17.8 percentage points year-over-year to 80.3% in January 2012. In December 2011, there was an 18.9 percentage point boost from a year earlier.
New Orleans, LA - Freshest New Home Sales Increase Year-Over-Year in January After Falling Year-Over-Year in December
Posted on: May 07, 2012 09:31:30 AM
Sales of new homes jumped year-over-year in January in the New Orleans, LA market, on an upswing after a decline in December 2011. New home sales saw a climb of 30.8% from the year earlier to 34. This came on the heels of a 6.2% decline year-over-year in December.
A total of 530 new homes were sold during the 12 months that ended in January, up from 522 for the year that ended in December.
Out of all housing sales, new home sales represented 3.5%. A year earlier, new home sales accounted for 3.0% of total sales. For new and existing homes, sales rose year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes grew 11.1% year-over-year in January to $236,839 per unit. This is an about-face from the 34.3% fall in December from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In January 2012, average mortgage size on new homes sold was $190,244, down 9.0% from a year earlier. In December 2011, average mortgage size on newly sold homes saw a 15.2% drop from a year earlier. The overall percentage of sale price that was being financed dropped 17.8 percentage points year-over-year to 80.3% in January 2012. In December 2011, there was an 18.9 percentage point boost from a year earlier.
Other Market Trends
The percentage of new home sales belonging to single-family homes has risen from last year while the portion of new home sales belonging to attached units has dropped. The share of new home sales belonging to single-family homes gained from 92.3% in January 2011 to 94.1% of sales in January 2012. Meanwhile, attached units as a percentage of all new home sales sank to 5.9% of sales from 7.7% of sales.
Foreclosures and real estate owned (REO) sales continued to increase in January from a year earlier and remained a burden on the market. Foreclosures and REO sales, taken together, represented 52.1% of existing home sales, higher than 32.9% a year earlier. The percentage of existing home sales involving foreclosures rose to 26.3% in January from 15.1% a year earlier while REO sales as a percentage of existing home sales increased to 25.8% from 17.9%.
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Source: Housing Intelligence