Prices of New Homes Rise in Honolulu, Sales Drop According to Recent Data
Posted on: Apr 06, 2014 07:18:20 AM
In January, the Honolulu, HI market saw a decline year-over-year in new home closings, and the percentage fall that was steeper than December 2013 gave implications of worsening market conditions. There was a 69.7% decline in new home closings from a year earlier. This came on the heels of a 36.7% fall year-over-year in December.
A total of 670 new homes were sold during the 12 months that ended in January, down from 794 for the year that ended in December.
New home closings represented 7.8% of overall housing closings. This is a fall 20.7% of closings a year earlier. For new and existing homes, closings slid in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $610,451 per unit in January, up 55.7%from a year earlier. This hike is better than the 25.1% bump in December year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In January 2014, there was a 71.5% boost in the average mortgage size, reaching $527,182. Average mortgage size jumped 16.8% in December 2013 from a year earlier.