The Kalamazoo, MI market saw a drop in new home closings year-over-year in April, falling after remaining level 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.
On a percentage basis, new home closings as a part of total closings decreased to 2.0% from 3.4% a year earlier. Following a year-over-year decline in March, closings of new and existing homes also fell year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $239,349, down from last year's $267,715. This followed a 1.3% hike in March year-over-year.
Average mortgage size on new homes fell from $224,104 to $201,954. 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 appear to be dragging the market. Together, foreclosures plus REO closings made up 19.2% of existing home closings, down from 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 slid to 9.9% from 18.8% a year earlier.