In November, there was a drop year-over-year in new home closings in the Kalamazoo, MI market, a decline following a rise in October 2015. New home closings moved from 10 a year earlier to 7 after the figure moved from 11 in October 2014 to 17 in October 2015.
A total of 145 new homes were sold during the 12 months that ended in November, down from 148 for the year that ended in October.
7 of the 312 total closings were new home closings, a shift on a percentage basis from 10 out of 415 a year earlier. Following a year-over-year decline in October, closings of new and existing homes also slid year-over-year in November.
Pricing and Mortgage Trends
The average value of newly sold homes in November 2015 was $243,570, down from last year's $249,697. This followed a 3.4% lift in October year-over-year.
From the year-ago figure of $242,838, the average mortgage size on new homes moved up to $262,936. Average mortgage size on new homes went from $211,639 in October 2014 to $208,293 in October 2015.
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 decline from a year earlier in November, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 24.6% of existing home closings, down from 29.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.1% in November from 13.3% a year earlier while REO closings as a percentage of existing home closings dropped to 13.4% from 16.5% a year earlier.