New Home Closings Decrease in Kansas City According to Freshest Figures
Posted on: Jul 06, 2014 07:18:13 AM
Closings of new homes slid year-over-year in March in the Kansas City, MO market, but the decline in percentage terms was an improvement from February 2014, suggesting that the market may be leveling out. Closings declined 14.7% from a year earlier to 162. This followed a 21.7% fall year-over-year in February.
A total of 2,371 new homes were sold during the 12 months that ended in March, down from 2,399 for the year that ended in February.
As a percentage of overall housing closings, new home closings represented 4.5% of overall housing closings. They represented 4.9% of closings a year earlier. For new and existing homes, closings fell in March after also declining in February year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price moved from $344,351 in March 2013 to $341,510 in March 2014. This was on the heels of a 5.6% fall in February from a year earlier.
For newly sold homes, the average mortgage size slid year-over-year in contrast to average price of new homes. It slid 1.4% in March from a year earlier to $286,056. In February 2014, average mortgage size slid 5.9% from a year earlier.