Freshest Figures Show New Home Sales Rise in Wichita, Prices Decrease
Posted on: Dec 06, 2013 07:50:22 AM
In August, closings of new homes in the Wichita, KS market grew year-over-year, but the percentage bump was less than July 2013, suggesting the market may be leveling. Closings gained 38.9% from a year earlier to 50. In comparison, new home closings in the same month last year saw a 46.2% hike year-over-year in July.
A total of 453 new homes were sold during the 12 months that ended in August, up from 439 for the year that ended in July.
Out of all housing closings, new home closings made up 3.9%. New home closings were 3.2% of overall closings last year. For new and existing homes, closings rose year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes declined 22.5% year-over-year in August to $213,268 per unit. This decline compares to a 5.5% lift in July year-over-year.
For newly sold homes, the average mortgage size dropped year-over-year in contrast to average price of new homes. It slid to $182,173 in August, a 23.2% drop. Average mortgage size jumped 3.6% in July 2013 from a year earlier.