New home closings fell year-over-year in February in the Honolulu, HI market, and the decline was by a larger percentage than the January 2016. New home closings moved from 681 a year earlier to 14 after the figure moved from 154 in January 2015 to 11 in January 2016.

A total of 488 new homes were sold during the 12 months that ended in February, down from 1,155 for the year that ended in January.

New home closings represented 14 out of the 785 total closings, which is a smaller percentage than the 681 of 1,405 total closings a year earlier. Following a year-over-year rise in January, closings of new and existing homes sank year-over-year in February.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $1,254,500.00 from $395,586 a year ago. This followed a 50.2% bump in January year-over-year.

The average mortgage size on new homes was $750,730, up from $298,737. Average mortgage size on new homes went from $418,248 in January 2015 to $642,910 in January 2016.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

The average unit size of newly sold homes rose from 630 square feet a year earlier to 2,166 square feet.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 10.0% of existing home closings, below 13.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.4% in February from 7.3% a year earlier and REO closings moved from 6.5% of existing home closings in February 2015 to 5.6% in February 2016.

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