Newest Figures Show New Home Prices Rise, Sales Decline in Honolulu
Posted on: Aug 08, 2014 11:26:30 AM
In May, the Honolulu, HI market saw a drop year-over-year in new home closings, but the percentage drop was not as steep as April 2014, suggesting that the market may be evening out. Closings slid 9.8% from a year earlier to 46. This came on the heels of a 23.4% decline year-over-year in April.
A total of 559 new homes were sold during the 12 months that ended in May, down from 564 for the year that ended in April.
New home closings made up 4.8% of overall housing closings. As a part of the whole, new home closings were 5.1% a year earlier. Following a year-over-year decline in April, closings of new and existing homes also fell year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes was $759,808 per unit in May, up 51.7%from a year earlier. This bump is better than the 7.4% rise in April year-over-year.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. In May 2014, average mortgage size jumped 11.3% from a year earlier to $520,598. In April 2014, average mortgage size grew 12.0% from a year earlier.