Newest Numbers Show New Home Closings Climb in Wichita, Prices Fall
Posted on: Aug 08, 2014 11:56:45 AM
The Wichita, KS market saw an increase in closings of new homes in April year-over-year, moving north after a drop in March 2014. New home closings saw a rise of 20.0% from the year earlier to 48. This was after the housing market saw a 3.0% decline year-over-year in March.
A total of 524 new homes were sold during the 12 months that ended in April, up from 516 for the year that ended in March.
As a percentage of overall housing closings, new home closings made up 4.2% of overall housing closings. They accounted for 3.6% of closings a year earlier. Following a year-over-year increase in March, closings of new and existing homes also climbed year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes slid 1.1% year-over-year in April to $242,984 per unit. This fall compares to a 2.0% boost in March year-over-year.
For newly sold homes, the average mortgage size saw a fall year-over-year in contrast to new home prices. The average mortgage size slid to $200,395 in April, marking a 3.0% drop compared with last year. In March 2014, average mortgage size on newly sold homes saw a 1.4% decline from a year earlier.