New Home Sales Rise in Kennewick, Prices Decline According to Freshest Data
Posted on: May 06, 2013 07:18:32 AM
In February, closings of new homes gained year-over-year in the Kennewick, WA market, picking up from a fall in January 2013. New home closings saw a 20.0% boost from a year earlier to 60. This was after the housing market saw a 15.2% drop year-over-year in January.
A total of 711 new homes were sold during the 12 months that ended in February, up from 701 for the year that ended in January.
As a percentage of overall housing closings, new home closings made up 24.8%. This is a bump from 23.0% of closings a year earlier. For new and existing homes, closings grew year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price dipped 3.5% year-over-year in February to $229,602 per unit. This decline is a reversal from a 9.8% rise in January year-over-year.
For newly sold homes, the average mortgage size declined year-over-year in contrast to average price of new homes. It slipped to $198,622 in February, a 7.6% decline. In January 2013, average mortgage size increased 1.7% from a year earlier. Of the overall sale price, the percentage that was being financed dipped 3.8 percentage points year-over-year to 86.5% in February 2013.
New Home Sales Rise in Kennewick, Prices Decline According to Freshest Data
Posted on: May 06, 2013 07:18:32 AM
In February, closings of new homes gained year-over-year in the Kennewick, WA market, picking up from a fall in January 2013. New home closings saw a 20.0% boost from a year earlier to 60. This was after the housing market saw a 15.2% drop year-over-year in January.
A total of 711 new homes were sold during the 12 months that ended in February, up from 701 for the year that ended in January.
As a percentage of overall housing closings, new home closings made up 24.8%. This is a bump from 23.0% of closings a year earlier. For new and existing homes, closings grew year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price dipped 3.5% year-over-year in February to $229,602 per unit. This decline is a reversal from a 9.8% rise in January year-over-year.
For newly sold homes, the average mortgage size declined year-over-year in contrast to average price of new homes. It slipped to $198,622 in February, a 7.6% decline. In January 2013, average mortgage size increased 1.7% from a year earlier. Of the overall sale price, the percentage that was being financed dipped 3.8 percentage points year-over-year to 86.5% in February 2013.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2013. Single-family home closings have represented all of new home closings while attached unit closings have accounted for no part of closings.
For all new homes sold, the average unit size fell 2.7% year-over-year to 1,959 square feet in February 2013. In January, the average size of new homes sold went from 2,179 square feet a year earlier to 2,326 square feet.
Foreclosures and real estate owned (REO) closings did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 13.7% of closings. They represented 21.0% in February 2012. The percentage of existing home closings involving foreclosures went from 9.0% in February 2012 to 9.3% in February 2013 and REO closings as a percentage of existing home closings declined to 4.4% from 12.0% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Kennewick, WA area.
Source: Housing Intelligence