Latest Housing Figures Show New Home Sales and Prices Climb in Wichita
Posted on: Mar 12, 2014 07:03:36 AM
Closings of new homes in the Wichita, KS market jumped year-over-year in November, but the market seemed to be signaling at stabilizing with a percentage boost less pronounced than October 2013. There was a 23.1% jump in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 46.9% rise year-over-year in October.
A total of 511 new homes were sold during the 12 months that ended in November, up from 502 for the year that ended in October.
Of 873 total closings, 48 were of new homes. This is better than the 4.0% of closings a year earlier. Following a year-over-year increase in October, closings of new and existing homes sank year-over-year in November.
Pricing and Mortgage Trends
In November, the average price of newly sold homes grew 10.8% year-over-year to $248,261 per unit. This bump is an improvement over the 4.9% gain in October year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. It gained 13.2% in November from a year earlier to $217,029. Average mortgage size went from $216,231 in October 2012 to $217,552 in October 2013.