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Grand Rapids, MI Local News

Grand Rapids, MI - Recent New Home Sales Numbers Suggest Market Drop is Deepening

Posted on: May 07, 2012 09:13:36 AM

The Grand Rapids, MI market saw a drop in new home sales year-over-year in February, and the percentage drop that was steeper than January 2012 gave implication of worsening market conditions. Sales dropped 78.7% from a year earlier to 19, relative to a 3.1% decline in January from the year earlier.

A total of 515 new homes were sold during the 12 months that ended in February, down from 585 for the year that ended in January.

Moving south from a year earlier, new home sales in February 2012 made up 2.4% of overall housing sales, while the year-ago figure was 8.9%. Sales of new and existing homes sank year-over-year in February after also falling in January year-over-year.

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Pricing and Mortgage Trends

In February, the average price of newly sold homes grew year-over-year to $165,481 per unit, a 77.1% gain. This bump is higher than the 30.6% boost in January year-over-year.

For newly sold homes, the average mortgage size saw a surge year-over-year along with new home prices. In February 2012, there was a more than twofold rise in the average mortgage size, reaching $149,942. In January 2012, average mortgage size on newly sold homes saw a 23.2% hike year-over-year from a year earlier.

 
 
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