In the Lansing, MI market in September, closings of new homes fell year-over-year, but the decline was less than the year-over-year decline in August. New home closings moved from 9 a year earlier to 3 after the figure moved from 13 in August 2014 to 2 in August 2015.
A total of 74 new homes were sold during the 12 months that ended in September, down from 80 for the year that ended in August.
New home closings were 3 out of the 670 total closings, a move on a percentage basis from 9 of 647 a year earlier. New and existing home closings rose in September after a remaining level in August from a year earlier.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $222,500 from $212,354 a year ago. This was on the heels of a 50.3% rise in August year-over-year.
There was a decline in average mortgage size on new homes, going from $210,444 last year to $186,783 in September 2015. Average mortgage size on new homes went from $212,544 in August 2014 to $296,200 in August 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings decreased in September from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 27.9% of closings, below 33.9% a year earlier. The percentage of existing home closings involving foreclosures went from 13.2% in September 2014 to 12.4% in September 2015 and REO closings as a percentage of existing home closings slid to 15.4% from 20.7% a year earlier.