Closings of new homes in the Lansing, MI market declined year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 17 a year earlier to 6 after the figure moved from 10 in March 2015 to 6 in March 2016.
A total of 101 new homes were sold during the 12 months that ended in April, down from 112 for the year that ended in March.
New home closings represented 6 out of the 615 total closings, which is a smaller percentage than the 17 of 647 total closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes rose to $256,717 from last year's $251,175. This was on the heels of a 52.9% hike in March year-over-year.
From the year-ago figure of $215,549, the average mortgage size on new homes moved up to $223,532. Average mortgage size on new homes went from $234,060 in March 2015 to $300,124 in March 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 fell in April from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 27.8% of existing closings, lower than 37.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 11.5% in April from 19.5% a year earlier while REO closings as a percentage of existing home closings dropped to 16.3% from 17.8% a year earlier.