New Home Sales and Prices Both Increase in Honolulu According to Recent Data
Posted on: Jul 06, 2014 07:15:56 AM
In April, closings of new homes in the Honolulu, HI market rose year-over-year, and with a stronger bump in comparison with March 2014, the market seems to be strengthening. New home closings saw a 16.9% rise from a year earlier to 76. This came on the heels of a 16.4% jump year-over-year in March.
A total of 647 new homes were sold during the 12 months that ended in April, up from 636 for the year that ended in March.
Of 926 total closings, 76 were of new homes. This is better than the 6.8% of closings a year earlier. For new and existing homes, closings dropped in April after also declining in March year-over-year.
Pricing and Mortgage Trends
In April, the average value of new homes saw a 3.8% boost year-over-year as it grew to $570,503 per unit. This rise is better than the 1.7% bump in March year-over-year.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. In April 2014, the average mortgage size on newly sold homes saw a 10.3% gain from a year earlier. Average mortgage size went from $514,556 in March 2013 to $513,685 in March 2014.