Posted on: May 06, 2013 07:29:36 AM
The Prescott, AZ market saw a rise in new home closings in February year-over-year, but the increase was less than January 2013. New home closings moved from 14 a year earlier to 16 after the figure moved from seven in January 2012 to 10 in January 2013.
A total of 174 new homes were sold during the 12 months that ended in February, up from 172 for the year that ended in January.
New home closings were 16 out of the 360 total closings, a move on a percentage basis from 14 of 351 a year earlier. Closings of new and existing homes increased year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2013 was $233,120, down from last year's $609,064. This came after a 4.4% decline in January from a year earlier.
Average mortgage size on new homes fell from $207,637 to $151,759. Average mortgage size on new homes went from $148,105 in January 2012 to $172,557 in January 2013. The overall percentage of sale price that was being financed jumped 31.0 percentage points year-over-year to 65.1% in February 2013. This was another bump after January 2013 when there was a 13.2 percentage point rise 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 2013. Single-family homes continued to account for all of new home closings.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 42.4% of closings, below 59.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 16.9% in February from 29.7% a year earlier while REO closings as a percentage of existing home closings declined to 25.6% from 29.7% a year earlier.
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Source: Housing Intelligence