Bay City, MI - Latest Figures for New Home Closings Fall Year-Over-Year in July After Climbing Year-Over-Year in June
Posted on: Oct 12, 2012 10:18:57 AM
Closings of new homes in the Bay City, MI market dropped year-over-year in July, a decline following a rise in June 2012. New home closings moved from three a year earlier to one after the figure moved from two in June 2011 to three in June 2012.
A total of 18 new homes were sold during the 12 months that ended in July, down from 20 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 0.6% from 2.2% a year earlier. Closings of new and existing homes jumped year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $112,000 in July 2012, moving south from $154,250 a year earlier. This followed a 8.4% rise in June year-over-year.
The average mortgage size went down to $109,971 from $191,779 a year earlier. Average mortgage size went from $166,650 in June 2011 to $168,000 in June 2012.