New Home Sales and Prices Both Increase in Charlotte According to Freshest Data
Posted on: Mar 07, 2013 07:06:31 AM
New home closings in the Charlotte, NC market jumped year-over-year in December, and the percentage boost was better than November 2012, suggesting the market may be strengthening. Closings rose 38.0% from a year earlier to 581, compared with a 30.5% hike in November from the year earlier.
A total of 5,256 new homes were sold during the 12 months that ended in December, up from 5,096 for the year that ended in November.
Of 2,658 total closings, 581 were of new homes. This is a gain from 16.7% of closings a year earlier. For new and existing homes, closings rose year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 10.0% in December to $250,029 per unit. This rise is smaller than the 10.9% hike in November year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. It rose to $218,985 in December, an 8.1% rise. In November 2012, average mortgage size increased 6.9% from a year earlier. Of the overall sale price, the percentage that was being financed dipped 1.5 percentage points year-over-year to 87.6% in December 2012.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes rose from 90.3% in December 2011 to 97.1% of closings in December 2012. Meanwhile, attached units as a percentage of all new home closings fell to 2.9% of closings from 9.7% of closings.
The average unit size of newly sold homes sank 28.4% year-over-year to 1,706 square feet in December 2012. For newly sold homes, an average size fall contrasting with an average price rise was also seen in November 2012 when the average size of newly sold homes declined 32.0% to 1,723 square feet.
Foreclosures and real estate owned (REO) closings remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 48.2% of closings. In December 2011, they made up 53.6%. The percentage of existing home closings involving foreclosures slid to 19.6% in December from 33.3% a year earlier while REO closings as a percentage of existing home closings rose to 28.6% from 20.4%.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Charlotte, NC area.
Source: Housing Intelligence
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