New Home Sales and Prices Both Gain in Wichita According to Freshest Data
Posted on: Nov 12, 2013 07:52:04 AM
In the Wichita, KS market, new home closings rose year-over-year in July, but the percentage boost was less than June 2013, suggesting the market may be leveling. There was a 46.2% jump in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 68.8% climb year-over-year in June.
A total of 439 new homes were sold during the 12 months that ended in July, up from 421 for the year that ended in June.
As a percentage of overall housing closings, new home closings made up 5.1%. This marks a rise from 3.6% of total closings a year earlier. Following a drop in June year-over-year, closings of new and existing homes grew year-over-year in July.
Pricing and Mortgage Trends
In July, the average price of newly sold homes increased 5.5% year-over-year to $266,142 per unit. This hike is smaller than the 22.1% bump in June year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In July 2013, the average mortgage size was $223,292, up 3.6% from a year earlier. In June 2013, average mortgage size jumped 14.9% from a year earlier.