In the Kalamazoo, MI market, new home closings slid year-over-year in April, declining after staying relatively stable in March from the year earlier. Closings stood at 9 in April after being 17 a year earlier and remaining unchanged at 8 in March from a year earlier.
A total of 179 new homes were sold during the 12 months that ended in April, down from 187 for the year that ended in March.
Last year, 17 of 496 total closings were new homes, and this percentage saw a decline as new home closings this year made up 9 of the 452 total closings. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $239,349, down from $267,715 a year earlier. This was on the heels of a 1.3% gain in March year-over-year.
The average mortgage size moved to $201,954, down from last year's $224,104. Average mortgage size on new homes went from $216,461 in March 2015 to $222,531 in March 2016.
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 April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 19.2% of existing closings, lower than 30.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.3% in April from 11.7% a year earlier while REO closings as a percentage of existing home closings sank to 9.9% from 18.8% a year earlier.