Recent Numbers Show Prices of New Homes Gain in Battle Creek, Sales Drop
Posted on: Apr 06, 2013 07:03:08 AM
In January, the Battle Creek, MI market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in December. New home closings moved from two a year earlier to one after the figure moved from two in December 2011 to none in December 2012.
A total of 12 new homes were sold during the 12 months that ended in January, down from 13 for the year that ended in December.
New home closings were one out of the 122 total closings, a move on a percentage basis from two of 171 a year earlier. For new and existing homes, closings slid in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $108,000, an increase from $33,000 a year earlier. This came after a
From the year-ago figure of $34,650, the average mortgage size on new homes moved up to $114,350.
Recent Numbers Show Prices of New Homes Gain in Battle Creek, Sales Drop
Posted on: Apr 06, 2013 07:03:08 AM
In January, the Battle Creek, MI market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in December. New home closings moved from two a year earlier to one after the figure moved from two in December 2011 to none in December 2012.
A total of 12 new homes were sold during the 12 months that ended in January, down from 13 for the year that ended in December.
New home closings were one out of the 122 total closings, a move on a percentage basis from two of 171 a year earlier. For new and existing homes, closings slid in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $108,000, an increase from $33,000 a year earlier. This came after a
From the year-ago figure of $34,650, the average mortgage size on new homes moved up to $114,350.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in January 2013. Single-family homes continued to account for all of new home closings.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Combined, foreclosures plus REO closings made up 65.3% of existing home closings. They accounted for 68.6% in January 2012. The percentage of existing home closings involving foreclosures fell to 36.4% in January from 37.9% a year earlier while REO closings as a percentage of existing home closings slipped to 28.9% from 30.8% a year earlier.
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Source: Housing Intelligence