The Holland, MI market saw a drop in new home closings year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 30 a year earlier to 12 after the figure moved from 28 in May 2015 to 10 in May 2016.
A total of 196 new homes were sold during the 12 months that ended in June, down from 214 for the year that ended in May.
New home closings represented 12 out of the 478 total closings, which is a smaller percentage than the 30 of 587 total closings a year earlier. Following a year-over-year decline in May, closings of new and existing homes also sank year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $277,605, a move from $276,918 a year earlier. This came after a 27.0% surge in May year-over-year.
From the year-ago figure of $221,494, the average mortgage size on new homes moved up to $232,706. Average mortgage size on new homes went from $203,633 in May 2015 to $218,157 in May 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 June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 8.8% of closings, below 9.0% a year earlier. The percentage of existing home closings involving foreclosures went from 3.6% in June 2015 to 2.8% in June 2016 and REO closings moved from 5.4% of existing home closings in June 2015 to 6.0% in June 2016.