New home closings in the Lansing, MI market declined year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 10 a year earlier to 3 after the figure moved from 16 in October 2014 to 6 in October 2015.
A total of 108 new homes were sold during the 12 months that ended in November, down from 115 for the year that ended in October.
New home closings were 1.9% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 3 of the 470 total closings. For new and existing homes, closings sank in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $360,262, an increase from $199,576 a year earlier. This was on the heels of a 55.2% bump in October year-over-year.
From the year-ago figure of $199,746, the average mortgage size on new homes moved up to $320,821. Average mortgage size on new homes went from $196,807 in October 2014 to $287,690 in October 2015.
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 fell in November from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 30.0% of existing home closings, below 30.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 17.8% in November from 15.6% a year earlier while REO closings as a percentage of existing home closings declined to 12.2% from 14.8% a year earlier.