In the Holland, MI market in April, new home closings declined year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 27 a year earlier to 10 after the figure moved from 22 in March 2015 to 11 in March 2016.
A total of 232 new homes were sold during the 12 months that ended in April, down from 249 for the year that ended in March.
New home closings were 6.4% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 10 of the 372 total closings. Following a year-over-year rise in March, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $277,504, up from $256,330 a year earlier. This was on the heels of a 49.5% bump in March year-over-year.
There was a decline in average mortgage size on new homes, going from $217,419 last year to $167,160 in April 2016. Average mortgage size on new homes went from $172,012 in March 2015 to $235,992 in March 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 9.4% of existing home closings, below 11.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 2.2% in April from 5.6% a year earlier while REO closings as a percentage of existing home closings grew to 7.2% from 5.8%.