In the Wichita, KS market in October, new home closings sank year-over-year, sliding downhill after showling little movement in September from the year earlier. New home closings saw a fall of 34.9% from a year earlier to 28. Closings were level in September from the year earlier.
A total of 437 new homes were sold during the 12 months that ended in October, down from 452 for the year that ended in September.
Moving south from a year earlier, new home closings in October 2012 made up 3.0% of overall housing closings, while the year-ago figure was 5.4%. After dropping in September from a year earlier, closings of new and existing homes gained year-over-year in October.
Pricing and Mortgage Trends
In October, the average price of newly sold homes increased 2.1% year-over-year to $239,852 per unit. This rise is smaller than the 25.0% rise in September year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In October 2012, the average mortgage size was $204,843, a 2.6% rise from a year earlier. Average mortgage size climbed 27.6% in September 2012 from a year earlier. The overall percentage of sale price that was being financed went from 85.1% of average price to 85.4% from a year earlier. In September 2012, there was a 1.8 percentage point rise from the 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 October 2012. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 27.5% of closings. In October 2011, they represented 30.5%. The percentage of existing home closings involving foreclosures dipped to 13.8% in October from 15.9% a year earlier and REO closings moved from 14.6% of existing home closings in October 2011 to 13.6% in October 2012.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Wichita, KS area.
Learn more about markets featured in this article: Wichita, KS.