Freshest Numbers For Grand Rapids Show New Home Closings and Prices Increase
Posted on: Jul 06, 2014 07:14:02 AM
New home closings jumped year-over-year in April in the Grand Rapids, MI market, swinging up after a fall in March 2014. Closings climbed 29.4% from a year earlier to 44. This was after the housing market saw a 35.9% drop year-over-year in March.
A total of 414 new homes were sold during the 12 months that ended in April, up from 404 for the year that ended in March.
Out of all housing closings, new home closings represented 4.4%. This marks a rise from 2.7% of total closings a year earlier. Closings of new and existing homes dropped year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
In April, the average value of new homes saw a 2.3% gain year-over-year as it grew to $239,275 per unit. This gain is smaller than the 21.7% hike in March year-over-year.
Average mortgage size on new homes sank year-over-year in contrast to new home prices. It slid 9.8% in April from a year earlier to $191,882. In March 2014, average mortgage size on newly sold homes saw a 27.4% bump year-over-year from a year earlier.