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Dallas, TX – Latest Figures for New Home Sales Suggest Market Decrease is Mounting

Dallas TX Latest New Home Sales

Posted on: Mar 06, 2012 09:21:52 AM

In the Dallas, TX market in December, new home sales fell year-over-year, and the market seemed to be worsening in light of the percentage decline steeper than November 2011. New home sales saw a decline of 2.7% from a year ago to 1,248, after moving from 1,075 in November 2010 to 1,069 in November 2011.

A total of 12,413 new homes were sold during the 12 months that ended in December, down from 12,447 for the year that ended in November.

Out of all housing sales, new home sales made up 12.8%. A year ago, 12.5% of total sales were new home sales. Following a year-over-year rise in November, sales of new and existing homes slipped year-over-year in December.

Pricing and Mortgage Trends

The average per-unit price of newly sold homes rose year-over-year to $257,650 in December, up 3.4% from last year. This rise is smaller than the 6.3% rise in November year-over-year.

The average mortgage size on new homes moved north year-over-year along with new home prices. It increased 2.2% in December from a year earlier to $242,360. It went from $240,371 to $241,770 from November 2010 to November 2011.

Other Market Trends

As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. Single-family home sales grew from 96.5% of new sales in December 2010 to 99.4% of sales in December 2011. At the same time, the share of new home sales belonging to attached units slid to 0.6% of sales from 3.5% of sales.

The average unit size of newly sold homes declined 1.4% year-over-year to 2,658 square feet in December 2011. The average size of newly sold homes moved from 2,665 square feet in November 2010 to 2,662 square feet in November 2011.

Foreclosures and real estate owned (REO) sales remained a burden on the market. Together, foreclosures plus REO sales accounted for 34.8% of existing home sales. They made up 43.9% in December 2010. The percentage of existing home sales involving foreclosures dipped to 22.2% in December from 24.1% a year earlier while REO sales as a percentage of existing home sales fell to 12.6% from 19.8% a year earlier.

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Source: Housing Intelligence