New Home Closings and Prices in Grand Rapids Decrease According to Latest Figures
Posted on: Aug 08, 2014 11:23:54 AM
In the Grand Rapids, MI market, new home closings declined year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 34 a year earlier to 17 after the figure moved from 28 in April 2013 to 11 in April 2014.
A total of 198 new homes were sold during the 12 months that ended in May, down from 215 for the year that ended in April.
Out of all housing closings, new home closings made up 1.4%. This is a decline 2.7% of closings a year earlier. For new and existing homes, closings sank in May after also declining in April year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 12.0% fall year-over-year to $182,415 per unit in May. This decline is larger than the 6.7% drop in April from a year earlier.
The average mortgage size on newly sold homes saw a fall year-over-year in contrast to new home prices. In May 2014, the average mortgage size on newly sold homes saw a 17.1% drop from a year earlier. Average mortgage size on new homes went from $211,584 in April 2013 to $144,948 in April 2014.