In the Honolulu, HI market, closings of new homes fell year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 46 a year earlier to 5 after the figure moved from 72 in October 2014 to 11 in October 2015.
A total of 1,068 new homes were sold during the 12 months that ended in November, down from 1,109 for the year that ended in October.
New home closings represented 5 out of the 764 total closings, which is a smaller percentage than the 46 of 1,340 total closings a year earlier. Closings of new and existing homes slid year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $819,300, an increase from $690,517 a year earlier. This was on the heels of a 6.4% drop in October from a year earlier.
From the year-ago figure of $567,341, the average mortgage size on new homes moved up to $722,511. Average mortgage size on new homes went from $529,450 in October 2014 to $579,337 in October 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 1,950 square feet a year earlier to 853 square feet.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings made up 8.6% of existing home closings, up from 6.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.3% in November from 1.9% a year earlier while REO closings as a percentage of existing home closings slid to 3.3% from 4.5% a year earlier.