The Honolulu, HI market saw a drop in new home closings year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 47 a year earlier to 26 after the figure moved from 59 in June 2014 to 12 in June 2015.
A total of 976 new homes were sold during the 12 months that ended in July, down from 997 for the year that ended in June.
As a percentage of overall housing closings, new home closings made up 1.8%. This is a fall 5.0% of closings a year earlier. Closings of new and existing homes climbed year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 1.6% in July to $714,405 per unit. This lift is smaller than the 24.9% surge in June year-over-year.
For newly sold homes, average mortgage size moved from $589,018 in July 2014 to $587,541 in July 2015. Average mortgage size on new homes went from $571,392 in June 2014 to $533,144 in June 2015.
Other Market Trends
As a percentage of new home closings, attached unit closings have gained from last year while single-family home closings have dropped. The share of new home closings belonging to attached units gained from 42.6% of closings in July 2014 to 73.1% of closings in July 2015. Meanwhile, single-family home closings as a percentage of all new home closings fell to 26.9% of closings from 57.4% of closings.
There was a 33.5% decline year-over-year in the average unit size of newly sold homes to 1,154 square feet in July 2015. For newly sold homes, an average size drop contrasting with an average price hike was also seen in June 2015 when the average size of newly sold homes dropped 12.6% to 1,518 square feet. The average size of newly sold homes moved from 1,736 square feet in June 2014 to 1,518 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 5.3% of existing home closings, below 7.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 1.6% in July from 4.3% a year earlier and REO closings moved from 3.4% of existing home closings in July 2014 to 3.7% in July 2015.