In the Lansing, MI market in July, closings of new homes fell year-over-year, and the decline was by a larger percentage than the June 2016. New home closings moved from 18 a year earlier to 3 after the figure moved from 17 in June 2015 to 12 in June 2016.
A total of 91 new homes were sold during the 12 months that ended in July, down from 106 for the year that ended in June.
New home closings represented 3 out of the 772 total closings, which is a smaller percentage than the 18 of 823 total closings a year earlier. Following a year-over-year rise in June, closings of new and existing homes slid year-over-year in July.
Pricing and Mortgage Trends
The average new home value went from $337,409 last year to $358,673. This followed a move from $288,805 per unit in June 2015 to $286,335 in June 2016.
Average mortgage size on new homes moved from $293,504 to $294,106. Average mortgage size on new homes went from $261,231 in June 2015 to $277,260 in June 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 decline from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 18.3% of existing home closings, below 23.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.5% in July from 13.0% a year earlier and REO closings moved from 10.4% of existing home closings in July 2015 to 9.9% in July 2016.