New home closings dropped year-over-year in January in the Holland, MI market, but the decline was less than the year-over-year decline in December. New home closings moved from 16 a year earlier to 11 after the figure moved from 26 in December 2014 to 14 in December 2015.

A total of 277 new homes were sold during the 12 months that ended in January, down from 282 for the year that ended in December.

New home closings were 11 out of the 261 total closings, down on a percentage basis from 16 of 281 a year earlier. Closings of new and existing homes saw a drop year-over-year in January after remaining steady in December year-over-year.

Pricing and Mortgage Trends

The average price of new homes rose to $275,139 from last year's $238,374. This came after a 3.7% lift in December year-over-year.

From the year-ago figure of $197,908, the average mortgage size on new homes moved up to $223,612. Average mortgage size on new homes went from $191,354 in December 2014 to $187,647 in December 2015.

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 January, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 12.4% of closings, below 18.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.6% in January from 9.8% a year earlier and REO closings moved from 9.1% of existing home closings in January 2015 to 8.8% in January 2016.

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