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.