New Home Sales and Prices Both Gain in Kansas City According to Latest Data
Posted on: Apr 06, 2014 07:21:03 AM
Closings of new homes rose year-over-year in December in the Kansas City, MO market, but with a less pronounced percentage surge than November 2013, there are suggestions of market stabilization. There was a 15.9% climb in new home closings from a year earlier. This came on the heels of a 18.6% climb year-over-year in November.
A total of 2,411 new homes were sold during the 12 months that ended in December, up from 2,386 for the year that ended in November.
Of the total number of closings, new home closings made up 5.4%. As a part of the whole, new home closings were 4.6% a year earlier. For new and existing homes, closings fell in December after also declining in November year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 9.6% hike year-over-year in December to $365,129 per unit. This surge is higher than the 2.4% boost in November year-over-year.
There was a lift year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size saw a 10.5% gain year-over-year to $302,088 in December. In November 2013, average mortgage size on newly sold homes saw a 2.7% boost year-over-year from a year earlier.