New home closings in the Kalamazoo, MI market stayed the same year-over-year in August, remaining level after showing little movement in July from the year earlier. Closings remained steady at 14 from a year earlier after being level at 14 in July from the year earlier.
A total of 136 new homes were sold during the 12 months that ended in August, equal to the number of new homes sold for the year that ended in July.
New home closings were 14 out of the 625 total closings, same on a percentage basis as a year earlier. Following a year-over-year rise in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
The average per-unit price of new homes was $183,214, compared with $325,102 last year. This was on the heels of a 7.5% drop in July from a year earlier.
The average mortgage size went down to $195,406 from $287,167 a year earlier. Average mortgage size on new homes went from $171,082 in July 2014 to $199,886 in July 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 August, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 18.3% of existing home closings, down from 32.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.0% in August from 9.1% a year earlier while REO closings as a percentage of existing home closings slid to 11.3% from 23.7% a year earlier.