Detroit, MI - Local Housing Data - Summary

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Detroit, MI Local News

New Home Prices Increase in Detroit According to Newest Figures, Sales Decline

Posted on: Apr 06, 2014 07:11:28 AM

In the Detroit, MI market in January, closings of new homes slid year-over-year, curving down after an increase in December 2013. New home closings saw a 12.5% decline from a year earlier to 147. This followed a 33.5% boost year-over-year in December.

A total of 2,676 new homes were sold during the 12 months that ended in January, down from 2,697 for the year that ended in December.

Out of all housing closings, new home closings accounted for 1.3%. This is a fall 2.6% of closings a year earlier. Closings of new and existing homes gained in January after staying steady in December from a year earlier.

Pricing and Mortgage Trends

In January, the average price of newly sold homes grew 11.8% year-over-year to $301,419 per unit. This hike is smaller than the 24.9% gain in December year-over-year.

For newly sold homes, average mortgage size moved from $248,996 in January 2013 to $249,778 in January 2014. Average mortgage size jumped 13.8% in December 2013 from a year earlier.

 
 
 

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