In the Holland, MI market in May, new home closings dropped year-over-year, and the decline was by a larger percentage than the April 2016. New home closings moved from 28 a year earlier to 10 after the figure moved from 27 in April 2015 to 10 in April 2016.

A total of 214 new homes were sold during the 12 months that ended in May, down from 232 for the year that ended in April.

On a percentage basis, new home closings as a part of total closings decreased to 2.4% from 5.9% a year earlier. For new and existing homes, closings dropped in May after also declining in April year-over-year.

Pricing and Mortgage Trends

The average price of new homes was $300,194, an increase from $236,317 a year earlier. This came after a 8.3% rise in April year-over-year.

Average mortgage size on new homes went from $203,633 a year earlier to $218,157. Average mortgage size on new homes went from $217,419 in April 2015 to $167,160 in April 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 rose in May from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 8.8% of existing home closings, up from 7.4% a year earlier. The percentage of existing home closings involving foreclosures went from 3.4% in May 2015 to 2.9% in May 2016 and REO closings as a percentage of existing home closings jumped to 5.9% from 4.1%.

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