In the Lansing, MI market in April, closings of new homes declined year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 17 a year earlier to 6 after the figure moved from 10 in March 2015 to 6 in March 2016.
A total of 101 new homes were sold during the 12 months that ended in April, down from 112 for the year that ended in March.
New home closings represented 6 out of the 615 total closings, which is a smaller percentage than the 17 of 647 total closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes slid year-over-year in April.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $256,717 from $251,175 a year ago. This was on the heels of a 52.9% rise in March year-over-year.
Average mortgage size on new homes went from $215,549 a year earlier to $223,532. Average mortgage size on new homes went from $234,060 in March 2015 to $300,124 in March 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 decreased in April from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, represented 27.8% of existing closings, lower than 37.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.5% in April from 19.5% a year earlier while REO closings as a percentage of existing home closings sank to 16.3% from 17.8% a year earlier.