New home closings slid year-over-year in December in the Honolulu, HI market, and the decline was by a larger percentage than the November 2015. New home closings moved from 329 a year earlier to 10 after the figure moved from 46 in November 2014 to 5 in November 2015.

A total of 749 new homes were sold during the 12 months that ended in December, down from 1,068 for the year that ended in November.

New home closings represented 10 out of the 927 total closings, which is a smaller percentage than the 329 of 1,790 total closings a year earlier. Closings of new and existing homes declined year-over-year in December after also falling in November year-over-year.

Pricing and Mortgage Trends

The average price of new homes was $818,023, an increase from $715,080 a year earlier. This was on the heels of a 18.7% rise in November year-over-year.

Average mortgage size on new homes increased to $611,525 from $450,867 last year. Average mortgage size on new homes went from $567,341 in November 2014 to $722,511 in November 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 1,599 square feet a year earlier to 1,313 square feet.

Foreclosures and real estate owned (REO) closings increased in December from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 8.1% of existing home closings, up from 7.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 4.5% in December from 3.3% a year earlier while REO closings as a percentage of existing home closings declined to 3.6% from 4.7% a year earlier.

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