New Home Sales and Prices Both Gain in Kansas City According to Freshest Data
Posted on: Nov 12, 2013 07:23:15 AM
In the Kansas City, MO market, closings of new homes increased year-over-year in July, and there were suggestions that the market may be improving as the percentage rise was better than June 2013. New home closings saw a 32.1% jump from a year earlier to 214. This came on the heels of a 6.0% rise year-over-year in June.
A total of 2,060 new homes were sold during the 12 months that ended in July, up from 2,008 for the year that ended in June.
New home closings made up 4.5% of overall housing closings. A year ago, 3.7% of total closings were new home closings. Closings of new and existing homes jumped year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
In July, the average price of newly sold homes gained 5.8% year-over-year to $345,121 per unit. This bump is better than the 1.3% lift in June year-over-year.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. In July 2013, the average mortgage size was $287,767, a 6.4% boost from a year earlier. In June 2013, average mortgage size on newly sold homes saw a 2.4% lift year-over-year from a year earlier.