New Home Closings and Prices in Honolulu Decrease According to Latest Figures
Posted on: Dec 06, 2013 07:21:19 AM
New home closings fell year-over-year in September in the Honolulu, HI market, a drop following an increase in August 2013. Closings dropped 33.3% from a year earlier to 40. This was after the housing market saw a 8.8% boost year-over-year in August.
A total of 914 new homes were sold during the 12 months that ended in September, down from 934 for the year that ended in August.
As a percentage of overall housing closings, new home closings accounted for 4.5%. This is down from the a year earlier when new home closings made up 6.2% of total closings. Following a year-over-year rise in August, closings of new and existing homes dropped year-over-year in September.
Pricing and Mortgage Trends
For newly sold homes, the average price fell 14.2% year-over-year in September to $532,505 per unit. This drop compares to a 17.5% bump in August year-over-year.
Average mortgage size on new homes saw a fall year-over-year in contrast to prices of new homes. Average mortgage size sank 3.0% to $492,229 in September from a year earlier. In August 2013, average mortgage size grew 24.7% from a year earlier.