Newest Figures Show New Home Prices Rise, Sales Decline in Grand Rapids
Posted on: Mar 06, 2014 07:16:21 AM
New home closings in the Grand Rapids, MI market dropped year-over-year in December, moving south after minimal change in November from the year earlier. New home closings slid by 9.4% from last year to 29. Closings remained the same in November from the year earlier.
A total of 422 new homes were sold during the 12 months that ended in December, down from 425 for the year that ended in November.
New home closings made up 3.1% of overall housing closings. New home closings were 3.2% of overall closings last year. Following a year-over-year rise in November, closings of new and existing homes slid year-over-year in December.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year 21.6% in December to $228,040 per unit. This lift is an improvement over the 10.3% bump in November year-over-year.
Average mortgage size on new homes jumped year-over-year along with new home prices. In December 2013, average mortgage size jumped 27.0% from a year earlier to $191,911. In November 2013, average mortgage size on newly sold homes saw a 7.0% surge year-over-year from a year earlier.