In the Honolulu, HI market in January, closings of new homes fell year-over-year, but the decline was less than the year-over-year decline in December. New home closings moved from 120 a year earlier to 4 after the figure moved from 329 in December 2014 to 10 in December 2015.

A total of 633 new homes were sold during the 12 months that ended in January, down from 749 for the year that ended in December.

Last year, 120 of 881 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 991 total closings. After dropping in December from a year earlier, closings of new and existing homes climbed year-over-year in January.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $877,470 from $504,312 a year ago. This came after a 14.1% gain in December year-over-year.

Average mortgage size on new homes rose from $370,788 to $610,933. Average mortgage size on new homes went from $450,867 in December 2014 to $611,525 in December 2015.

Other Market Trends

The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.

The average unit size of newly sold homes fell from 1,400 square feet a year earlier to 1,357 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 6.0% of existing closings, lower than 10.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.1% in January from 4.6% a year earlier while REO closings as a percentage of existing home closings declined to 2.8% from 5.8% a year earlier.

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