The Kalamazoo, MI market saw a drop in new home closings year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 8 a year earlier to 4 after the figure moved from 12 in January 2015 to 3 in January 2016.
A total of 184 new homes were sold during the 12 months that ended in February, down from 188 for the year that ended in January.
4 of the 264 total closings were new home closings, a shift on a percentage basis from 8 out of 335 a year earlier. After rising year-over-year in January, closings of new and existing homes sank year-over-year in February.
The average value of newly sold homes in February 2016 was $283,033, down from last year's $325,458. This came after a 11.7% rise in January year-over-year.
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 rise in February from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings made up 34.2% of existing home closings, above 32.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.9% in February from 13.8% a year earlier while REO closings as a percentage of existing home closings climbed to 22.3% from 18.7%.