New Home Closings and Prices in Wichita Climb According to Latest Figures
Posted on: Jul 06, 2014 07:39:37 AM
There was an increase in new home closings in the Wichita, KS market in March year-over-year, moving north after a drop in February 2014. New home closings saw a 9.1% jump from a year earlier to 36. This followed a 14.3% fall year-over-year in February.
A total of 554 new homes were sold during the 12 months that ended in March, up from 551 for the year that ended in February.
As a percentage of overall housing closings, new home closings made up 3.7% of overall housing closings. A year ago, new home closings made up 3.5%. Closings of new and existing homes gained year-over-year in March following a decline in February year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes grew year-over-year to $249,089 in March, up 5.7% from last year. This surge compares to a 4.5% drop in February from a year earlier.
There was a lift year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size saw a 2.7% hike year-over-year to $213,758 in March. In February 2014, average mortgage size on newly sold homes saw a 3.7% fall from a year earlier.