In the Holland, MI market in July, closings of new homes dropped year-over-year, and the decline was by a larger percentage than the June 2016. New home closings moved from 33 a year earlier to 6 after the figure moved from 30 in June 2015 to 12 in June 2016.
A total of 167 new homes were sold during the 12 months that ended in July, down from 194 for the year that ended in June.
New home closings were 6 out of the 431 total closings, down on a percentage basis from 33 of 566 a year earlier. Following a year-over-year decline in June, closings of new and existing homes also slid year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $266,192, up from $255,501 a year earlier. This came after a move from $276,918 per unit to $277,605 from June 2015 to June 2016.
The average mortgage size moved to $197,027, down from last year's $215,587. Average mortgage size on new homes went from $221,494 in June 2015 to $232,706 in June 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 July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 3.8% of existing closings, lower than 8.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 1.4% in July from 4.7% a year earlier while REO closings as a percentage of existing home closings dropped to 2.4% from 3.6% a year earlier.