HousingWire's Kelly Ramirez takes a look at a recent report from personal finance destination Bankrate, which surveyed up to 10 lenders in all 50 states and the District of Columbia in June to identify the five states with the most expensive closing costs.
Researchers obtained online loan estimates for a $200,000 mortgage to buy a single-family home with a 20% down payment. The top five priciest closings are in Hawaii, New York, North Carolina, Delaware, and South Carolina. The least expensive cities to close in are Pennsylvania, Wisconsin, Kentucky, South Dakota, and Oklahoma.
High home prices are high in many areas in the Northeast, which is perhaps a reason why it also has some of the highest priced closing costs. Driven by rising home prices, the Pending Home Sales Index in the Northeast decreased 5.3% to 93 in May, unchanged from last year, according to the National Association of Realtors.