Prices of New Homes Climb in Honolulu, Sales Decrease According to Recent Data
Posted on: Feb 12, 2014 07:10:33 AM
In November, there was a drop year-over-year in new home closings in the Honolulu, HI market, but compared with October 2013, the percentage decline was less steep, suggesting that the market may be stabilizing. New home closings saw a drop of 41.4% from the year earlier to 51. This followed a 48.9% decline year-over-year in October.
A total of 835 new homes were sold during the 12 months that ended in November, down from 871 for the year that ended in October.
Out of all housing closings, new home closings made up 5.5%. This is down from the 9.8% of closings a year earlier. Following a drop in October year-over-year, closings of new and existing homes jumped year-over-year in November.
Pricing and Mortgage Trends
In November, the average price of newly sold homes jumped year-over-year to $664,024 per unit, a 29.3% gain. This hike compares to a 15.2% fall in October from a year earlier.
For newly sold homes, the average mortgage size saw a surge year-over-year along with new home prices. The average mortgage size rose to $558,132 in November, marking a 23.9% rise compared with a year earlier. In October 2013, average mortgage size on newly sold homes saw a 8.1% decline from a year earlier.