In September, the Honolulu, HI market saw a decline year-over-year in new home closings, 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.
On a percentage basis, new home closings as a part of total closings decreased to 1.1% from 18.0% a year earlier. After rising year-over-year in August, closings of new and existing homes fell year-over-year in September.
Pricing and Mortgage Trends
The average new home price was $616,875, down from $1,345,141.00 a year earlier. This was on the heels of a 4.8% decline 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% drop 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. Together, foreclosures plus REO closings accounted for 7.2% of existing home closings, down from 8.8% a year earlier. The percentage of existing home closings involving foreclosures declined 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.