New Home Sales and Prices Both Gain in Kansas City According to Freshest Data
Posted on: May 06, 2013 07:18:23 AM
The Kansas City, MO market saw an increase in closings of new homes in January year-over-year, and the percentage boost was better than December 2012, suggesting the market may be strengthening. Closings increased 37.3% from a year earlier to 114. This came on the heels of a 6.5% rise year-over-year in December.
A total of 1,873 new homes were sold during the 12 months that ended in January, up from 1,842 for the year that ended in December.
New home closings represented 4.0% of overall housing closings. A year ago, 3.0% of total closings were new home closings. Closings of new and existing homes increased year-over-year in January after also rising in December year-over-year.
Pricing and Mortgage Trends
In January, the average price of newly sold homes rose year-over-year to $340,149 per unit, a 9.6% rise. This rise is smaller than the 21.0% surge in December year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In January 2013, the average mortgage size on newly sold homes saw a 9.4% rise from a year earlier. In December 2012, average mortgage size grew 17.0% from a year earlier. For newly sold homes, the percentage of sale price being financed moved from 83.4% of average price to 83.3% from a year earlier. In December 2012, there was a 2.8 percentage point decline from the year earlier.