New Home Closings and Prices in Grand Rapids Increase According to Newest Figures
Posted on: Dec 06, 2013 07:18:39 AM
There was an increase in closings of new homes in the Grand Rapids, MI market in September year-over-year, but with a less pronounced percentage gain than August 2013, there are suggestions of market stabilization. There was a 18.8% boost in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 19.4% rise year-over-year in August.
A total of 429 new homes were sold during the 12 months that ended in September, up from 423 for the year that ended in August.
Out of all housing closings, new home closings represented 3.3%. A year ago, 2.6% of total closings were new home closings. Following a year-over-year decline in August, closings of new and existing homes also declined year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes was $224,732 per unit in September, up 14.8%from a year earlier. This rise is smaller than the 30.0% boost in August year-over-year.
Average mortgage size on new homes sank year-over-year in contrast to new home prices. The average mortgage size dropped to $170,677 in September, marking a 2.6% drop compared with last year. Average mortgage size grew 17.8% in August 2013 from a year earlier.