New home closings in the Kalamazoo, MI market were unchanged year-over-year in July, staying flat after advancing year-over-year in June from the year earlier. Closings remained level at 14 from a year earlier after the figure moved from 13 in June 2014 to 14 in June 2015.

A total of 131 new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.

New home closings were 14 out of the 652 total closings, a move on a percentage basis from 14 of 594 a year earlier. Closings of new and existing homes jumped year-over-year in July after also rising in June year-over-year.

Pricing and Mortgage Trends

The average per-unit price of new homes was $216,623, compared with $234,095 last year. This followed a 9.3% lift in June year-over-year.

Average mortgage size on new homes increased to $199,886 from $171,082 last year. Average mortgage size on new homes went from $260,899 in June 2014 to $252,843 in June 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 continued to decline from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 17.6% of existing home closings, down from 19.8% a year earlier. The percentage of existing home closings involving foreclosures went from 9.8% in July 2014 to 8.9% in July 2015 and REO closings as a percentage of existing home closings sank to 8.6% from 10.0% a year earlier.

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