In the Honolulu, HI market in June, new home closings sank year-over-year, and the decline was by a larger percentage than the May 2016. New home closings moved from 47 a year earlier to 11 after the figure moved from 67 in May 2015 to 27 in May 2016.
A total of 631 new homes were sold during the 12 months that ended in June, down from 667 for the year that ended in May.
New home closings were 2.5% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 11 of the 1,031 total closings. Following a year-over-year rise in May, closings of new and existing homes dropped year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes rose to $956,056 from last year's $681,541. This followed a 29.7% rise in May year-over-year.
Average mortgage size on new homes increased to $738,761 from $575,900 last year. In May 2016, average mortgage size on newly sold homes saw a 22.4% bump year-over-year 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 1,626 square feet a year earlier to 1,533 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 7.2% of existing closings, lower than 7.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 3.8% in June from 1.1% a year earlier while REO closings as a percentage of existing home closings sank to 3.3% from 6.4% a year earlier.