New Home Prices Increase in Kennewick According to Freshest Figures, Sales Decline
Posted on: Apr 06, 2014 07:21:12 AM
Closings of new homes declined year-over-year in January in the Kennewick, WA market, a downhill move after a gain in December 2013. New home closings saw a 40.3% decline from a year earlier to 40. This followed a 72.9% climb year-over-year in December.
A total of 819 new homes were sold during the 12 months that ended in January, down from 846 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 16.4%. This is down from the a year earlier when new home closings accounted for 26.3% of total closings. Following a year-over-year rise in December, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
In January, the average value of new homes saw a 8.2% lift year-over-year as it grew to $270,204 per unit. This bump follows a move from $256,057 per unit to $254,141 from December 2012 to December 2013.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. It increased 4.5% in January from a year earlier to $219,910. In December 2013, average mortgage size remained level from a year earlier at $227,284.