Closings of new homes sank year-over-year in June in the Holland, MI market, but the decline was less than the year-over-year decline in May. New home closings moved from 30 a year earlier to 12 after the figure moved from 28 in May 2015 to 10 in May 2016.
A total of 196 new homes were sold during the 12 months that ended in June, down from 214 for the year that ended in May.
Last year, 30 of 587 total closings were new homes, and this percentage saw a decline as new home closings this year made up 12 of the 478 total closings. Closings of new and existing homes fell year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average new home price was $277,605, a move from $276,918 a year earlier. This was on the heels of a 27.0% hike in May year-over-year.
Average mortgage size on new homes rose from $221,494 to $232,706. Average mortgage size on new homes went from $203,633 in May 2015 to $218,157 in May 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 continued to drop from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 8.8% of existing home closings, down from 9.0% a year earlier. The percentage of existing home closings involving foreclosures went from 3.6% in June 2015 to 2.8% in June 2016 and REO closings moved from 5.4% of existing home closings in June 2015 to 6.0% in June 2016.