The Holland, MI market saw a drop in new home closings year-over-year in December, and the decline was by a larger percentage than the November 2015. New home closings moved from 26 a year earlier to 14 after the figure moved from 21 in November 2014 to 13 in November 2015.
A total of 281 new homes were sold during the 12 months that ended in December, down from 293 for the year that ended in November.
On a percentage basis, new home closings as a part of total closings decreased to 4.3% from 7.4% a year earlier. Closings of new and existing homes saw a fall year-over-year in December after remaining steady in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $270,654, an increase from $261,004 a year earlier. This followed a 39.8% lift in November year-over-year.
Average mortgage size on new homes moved from $191,354 to $190,438. Average mortgage size on new homes went from $160,067 in November 2014 to $204,346 in November 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 drop from a year earlier in December, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 10.9% of existing home closings, down from 13.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.1% in December from 6.8% a year earlier while REO closings as a percentage of existing home closings fell to 5.8% from 6.8% a year earlier.