Recent Figures Show New Home Sales and Prices Climb in Wichita
Posted on: Feb 12, 2014 07:23:50 AM
New home closings in the Wichita, KS market increased year-over-year in October, but the market seemed to show signs of stabilizing as the percentage jumped was less than in September 2013. New home closings saw a 62.1% rise from a year earlier to 47. This came after a 62.9% jump year-over-year in September.
A total of 495 new homes were sold during the 12 months that ended in October, up from 477 for the year that ended in September.
New home closings made up 3.4% of overall housing closings. As a part of the whole, new home closings were 2.6% a year earlier. For new and existing homes, closings increased year-over-year in October after also increasing in September year-over-year.
Pricing and Mortgage Trends
In October, the average price of newly sold homes rose year-over-year to $260,965 per unit, a 8.6% lift. This surge compares to a 10.2% decline in September from a year earlier.
Average mortgage size on new homes increased year-over-year along with new home prices. In October 2013, the average mortgage size on newly sold homes saw a 5.4% hike from a year earlier. In September 2013, average mortgage size on newly sold homes saw a 12.7% drop from a year earlier.