In the Honolulu, HI market in September, new home closings slid year-over-year, and the decline was by a larger percentage than the August 2015. New home closings moved from 207 a year earlier to 11 after the figure moved from 70 in August 2014 to 16 in August 2015.
A total of 728 new homes were sold during the 12 months that ended in September, down from 924 for the year that ended in August.
Last year, 207 of 1,150 total closings were new homes, and this percentage saw a decline as new home closings this year made up 11 of the 990 total closings. Following a year-over-year rise in August, closings of new and existing homes slid year-over-year in September.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $616,875, down from last year's $1,345,141.00. This was on the heels of a 4.8% drop in August from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $826,847 to $480,891. In August 2015, average mortgage size on newly sold homes saw a 11.7% decline from a year earlier.
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 1,639 square feet a year earlier to 1,312 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 7.2% of existing closings, lower than 8.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 2.7% in September from 5.1% a year earlier and REO closings moved from 3.7% of existing home closings in September 2014 to 4.5% in September 2015.