Kennewick, WA - Local Housing Data - Summary

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Kennewick, Richland, Pasco, WA

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Kennewick, WA Local News

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.

 
 
 

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