Check Out the Recent Numbers Indicate New Home Closings and Prices Decline in Grand Rapids
Posted on: Apr 09, 2014 07:01:08 AM
In January, there was a decline year-over-year in new home closings in the Grand Rapids, MI market, and there were suggestions the market may be worsening with a percentage drop steeper than that of December 2013. Closings slid 16.1% from a year earlier to 26. This was after the housing market saw a 6.2% fall year-over-year in December.
A total of 418 new homes were sold during the 12 months that ended in January, down from 423 for the year that ended in December.
New home closings accounted for 3.4% of overall housing closings. A year ago, new home closings represented 3.2%. For new and existing homes, closings sank in January after also declining in December year-over-year.
Pricing and Mortgage Trends
In January, the average price of newly sold homes slid year-over-year to $199,628 per unit, marking a 2.3% fall from the year-earlier figure. This decline compares to a 26.6% surge in December year-over-year.
For newly sold homes, the average mortgage size saw a gain year-over-year in contrast to new home prices. In January 2014, there was a 4.5% gain in the average mortgage size, reaching $184,936. In December 2013, average mortgage size rose 35.4% from a year earlier.