Latest Numbers Show Prices of New Homes Gain in Kennewick, Sales Drop
Posted on: May 13, 2014 07:21:08 AM
In the Kennewick, WA market in February, new home closings fell year-over-year, but there were suggestions the market may be evening out from a percentage fall less than January 2014. Closings declined 33.9% from a year earlier to 41. This was after the housing market saw a 36.5% decline year-over-year in January.
A total of 779 new homes were sold during the 12 months that ended in February, down from 800 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 15.5%. This is down from the 24.0% of closings a year earlier. Closings of new and existing homes rose year-over-year in February following a drop in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year in February to $274,831 per unit, a rise of 20.6%. This surge is better than the 4.8% bump in January year-over-year.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. In February 2014, there was a 12.9% boost in the average mortgage size, reaching $221,871. Average mortgage size increased 4.5% in January 2014 from a year earlier.