New home closings in the Wichita, KS market declined year-over-year in November, and the market seemed to be worsening in light of the percentage decline steeper than October 2015. Closings slid 21.7% from a year earlier to 36. This came after a 15.9% fall year-over-year in October.
A total of 580 new homes were sold during the 12 months that ended in November, down from 590 for the year that ended in October.
Out of all housing closings, new home closings made up 4.1%. A year ago, new home closings represented 3.9%. Following a year-over-year increase in October, closings of new and existing homes sank year-over-year in November.
Pricing and Mortgage Trends
Average price of newly sold homes had a 10.2% boost year-over-year to $282,068 per unit in November. This gain is an improvement over the 10.1% lift in October year-over-year.
There was a hike year-over-year in the average mortgage size on new homes along with new home prices. In November 2015, the average mortgage size on newly sold homes saw a 8.3% surge from a year earlier. Average mortgage size grew 17.3% in October 2015 from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings jumped from 95.7% of new closings in November 2014 to all of closings in November 2015. At the same time, the share of new home closings belonging to attached units slid to no part of closings from 4.3% of closings.
The average unit size of newly sold homes went from 2,275 square feet in November 2014 to 2,271 square feet in November 2015. In October, the average size of new homes sold went from 2,584 square feet a year earlier to 3,291 square feet. In October 2015, the average size of newly sold homes gained 27.4% from the year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 17.5% of closings, below 37.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.0% in November from 30.7% a year earlier while REO closings as a percentage of existing home closings climbed to 10.5% from 7.2%.