In the Holland, MI market, closings of new homes sank year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 28 a year earlier to 10 after the figure moved from 27 in April 2015 to 10 in April 2016.

A total of 214 new homes were sold during the 12 months that ended in May, down from 232 for the year that ended in April.

New home closings were 10 out of the 418 total closings, down on a percentage basis from 28 of 472 a year earlier. For new and existing homes, closings slid in May after also declining in April year-over-year.

Pricing and Mortgage Trends

The average new home value went from $236,317 last year to $300,194. This came after a 8.3% gain in April year-over-year.

Average mortgage size on new homes increased to $218,157 from $203,633 last year. Average mortgage size on new homes went from $217,419 in April 2015 to $167,160 in April 2016.

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 rose in May from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 8.8% of existing home closings, higher than 7.4% a year earlier. The percentage of existing home closings involving foreclosures went from 3.4% in May 2015 to 2.9% in May 2016 and REO closings as a percentage of existing home closings grew to 5.9% from 4.1%.

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