Closings of new homes fell year-over-year in November in the Holland, MI market, and the decline was by a larger percentage than the October 2015. New home closings moved from 21 a year earlier to 12 after the figure moved from 33 in October 2014 to 22 in October 2015.
A total of 277 new homes were sold during the 12 months that ended in November, down from 286 for the year that ended in October.
New home closings were 6.3% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 12 of the 324 total closings. Following a year-over-year decline in October, closings of new and existing homes also fell year-over-year in November.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $280,696 from $197,830 a year ago. This came after a 60.4% bump in October year-over-year.
From the year-ago figure of $160,067, the average mortgage size on new homes moved up to $206,936. In October 2015, average mortgage size jumped 17.9% from a year earlier.
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.
The average unit size of newly sold homes rose from 1,728 square feet a year earlier to 1,764 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 10.6% of existing home closings, below 11.8% a year earlier. The percentage of existing home closings involving foreclosures went from 3.5% in November 2014 to 3.8% in November 2015 and REO closings as a percentage of existing home closings declined to 6.7% from 8.3% a year earlier.