Closings of new homes in the Lansing, MI market remained steady year-over-year in July, staying flat after dropping year-over-year in June from the year earlier. Closings remained level at 5 from a year earlier after the figure moved from 14 in June 2014 to 4 in June 2015.
A total of 61 new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.
New home closings were 5 out of the 780 total closings, same on a percentage basis as a year earlier. Following a year-over-year increase in June, closings of new and existing homes also grew year-over-year in July.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $372,513 from $295,912 a year ago. This followed a 8.1% lift in June year-over-year.
Average mortgage size on new homes went from $237,214 a year earlier to $343,662. Average mortgage size on new homes went from $220,173 in June 2014 to $276,834 in June 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 23.2% of closings, below 31.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 13.3% in July from 15.1% a year earlier while REO closings as a percentage of existing home closings slid to 9.9% from 16.2% a year earlier.