Closings of new homes fell year-over-year in April in the Holland, MI market, and the decline was by a larger percentage than the March 2016. New home closings moved from 27 a year earlier to 10 after the figure moved from 22 in March 2015 to 11 in March 2016.
A total of 232 new homes were sold during the 12 months that ended in April, down from 249 for the year that ended in March.
New home closings represented 10 out of the 372 total closings, which is a smaller percentage than the 27 of 422 total closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $277,504 from $256,330 a year ago. This was on the heels of a 49.5% hike in March year-over-year.
There was a decline in average mortgage size on new homes, going from $217,419 last year to $167,160 in April 2016. Average mortgage size on new homes went from $172,012 in March 2015 to $235,992 in March 2016.
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 continued to decline from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 9.4% of closings, below 11.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.2% in April from 5.6% a year earlier while REO closings as a percentage of existing home closings grew to 7.2% from 5.8%.