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.