New Home Sales and Prices Both Increase in Kansas City According to Latest Data
Posted on: Mar 06, 2014 07:21:07 AM
There was a rise in closings of new homes in the Kansas City, MO market in November year-over-year, but the percentage gain, which was less than October 2013, seemed to suggest market leveling. There was a 18.7% hike in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 18.8% rise year-over-year in October.
A total of 2,373 new homes were sold during the 12 months that ended in November, up from 2,344 for the year that ended in October.
New home closings made up 5.5% of overall housing closings. This is better than the 4.4% of closings a year earlier. For new and existing homes, closings sank in November after also declining in October year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 2.4% gain year-over-year in November to $339,759 per unit. This boost is smaller than the 10.7% surge in October year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size rose to $282,794 in November, marking a 2.7% gain compared with a year earlier. In October 2013, average mortgage size jumped 11.3% from a year earlier.