New home closings in the Kalamazoo, MI market were unchanged year-over-year in March, staying flat after dropping year-over-year in February from the year earlier. Closings remained level at 8 from a year earlier after the figure moved from 8 in February 2015 to 5 in February 2016.
A total of 185 new homes were sold during the 12 months that ended in March, equal to the number of new homes sold for the year that ended in February.
8 of the 382 total closings were new home closings, a shift on a percentage basis from 8 out of 427 a year earlier. Following a year-over-year decline in February, closings of new and existing homes also slid year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes rose to $259,410 from last year's $256,108. This followed a 13.3% decline in February from a year earlier.
Average mortgage size on new homes rose from $216,461 to $222,531. Average mortgage size on new homes went from $255,971 in February 2015 to $322,229 in February 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 declined in March from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 26.7% of closings, below 28.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.1% in March from 11.9% a year earlier while REO closings as a percentage of existing home closings sank to 13.6% from 16.2% a year earlier.