In the Lansing, MI market in December, closings of new homes slid year-over-year, but the decline was less than the year-over-year decline in November. New home closings moved from 8 a year earlier to 3 after the figure moved from 11 in November 2014 to 3 in November 2015.
A total of 107 new homes were sold during the 12 months that ended in December, down from 112 for the year that ended in November.
3 of the 401 total closings were new home closings, a shift on a percentage basis from 8 out of 584 a year earlier. Following a year-over-year decline in November, closings of new and existing homes also sank year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $291,415, up from $253,185 a year earlier. This followed a 66.0% hike in November year-over-year.
Average mortgage size on new homes increased to $260,936 from $231,969 last year. Average mortgage size on new homes went from $199,746 in November 2014 to $320,821 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.
The average unit size of newly sold homes fell from 2,640 square feet a year earlier to 947 square feet.
Foreclosures and real estate owned (REO) closings decreased in December from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings represented 26.6% of existing home closings, below 38.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 12.3% in December from 15.3% a year earlier while REO closings as a percentage of existing home closings declined to 14.3% from 22.9% a year earlier.