New Home Sales and Prices Drop in Wichita According to Freshest Data
Posted on: Apr 06, 2013 07:36:09 AM
Closings of new homes in the Wichita, KS market declined year-over-year in December, and the percentage decline was steeper than November 2012. Closings sank 39.3% from a year earlier to 34. This was after the housing market saw an 11.6% drop year-over-year in November.
A total of 410 new homes were sold during the 12 months that ended in December, down from 432 for the year that ended in November.
Compared to a year earlier, new home closings reflected 4.5% of overall housing closings, down from 6.4% last year. Following a year-over-year rise in November, closings of new and existing homes slid year-over-year in December.
Pricing and Mortgage Trends
For newly sold homes, the average price fell 6.1% year-over-year in December to $206,824 per unit. This decline follows a move from $224,226 per unit in November 2011 to $225,597 in November 2012.
Average mortgage size on new homes slipped year-over-year in contrast to new home prices. It declined 2.8% in December from a year earlier, reaching $178,736. Average mortgage size went from $193,783 in November 2011 to $192,375 in November 2012. For new home closings, the percentage of the sale price that was being financed increased 2.9 percentage points year-over-year to 86.4% in December 2012. In November 2012, there was a 1.1 percentage point decline in November from a year earlier.
New Home Sales and Prices Drop in Wichita According to Freshest Data
Posted on: Apr 06, 2013 07:36:09 AM
Closings of new homes in the Wichita, KS market declined year-over-year in December, and the percentage decline was steeper than November 2012. Closings sank 39.3% from a year earlier to 34. This was after the housing market saw an 11.6% drop year-over-year in November.
A total of 410 new homes were sold during the 12 months that ended in December, down from 432 for the year that ended in November.
Compared to a year earlier, new home closings reflected 4.5% of overall housing closings, down from 6.4% last year. Following a year-over-year rise in November, closings of new and existing homes slid year-over-year in December.
Pricing and Mortgage Trends
For newly sold homes, the average price fell 6.1% year-over-year in December to $206,824 per unit. This decline follows a move from $224,226 per unit in November 2011 to $225,597 in November 2012.
Average mortgage size on new homes slipped year-over-year in contrast to new home prices. It declined 2.8% in December from a year earlier, reaching $178,736. Average mortgage size went from $193,783 in November 2011 to $192,375 in November 2012. For new home closings, the percentage of the sale price that was being financed increased 2.9 percentage points year-over-year to 86.4% in December 2012. In November 2012, there was a 1.1 percentage point decline in November from a year earlier.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in December 2012. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
Foreclosures and real estate owned (REO) closings did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 20.0% of closings. In December 2011, they represented 27.6%. The percentage of existing home closings involving foreclosures fell to 5.3% in December from 12.9% a year earlier while REO closings as a percentage of existing home closings stayed level at 14.7%.
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Source: Housing Intelligence