New Home Sales Gain in Honolulu, Prices Fall According to Latest Data
Posted on: May 06, 2013 07:16:03 AM
There was an increase in new home closings in the Honolulu, HI market in February year-over-year, but with an increase less steep than that of January 2013, the market seemed to be showing signs of stabilizing. New home closings saw a 25.0% rise from a year earlier to 65. In comparison, new home closings in the same month last year saw a more than threefold jump year-over-year in January.
A total of 921 new homes were sold during the 12 months that ended in February, up from 908 for the year that ended in January.
As a percentage of overall housing closings, new home closings made up 9.6%. This is an increase on a percentage basis, as new home closings were 8.3% of total closings a year ago. For new and existing homes, closings increased year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
In February, the average per-unit price of new homes sank by 21.8% year-over-year to $509,355. This decline is a drop off from the 24.7% drop in January from a year earlier.
For newly sold homes, the average mortgage size fell year-over-year in contrast to average price of new homes. In February 2013, there was a 3.5% decline in the average mortgage size on new homes to $409,164. In January 2013, average mortgage size on newly sold homes saw a 19.4% decline from a year earlier. Of the overall sale price, the percentage that was being financed rose 15.2 percentage points year-over-year to 80.3% in February 2013. This was another rise after January 2013 when there was a 5.7 percentage point rise from a year earlier.