Latest Numbers Show Prices of New Homes Increase in Grand Rapids, Sales Drop
Posted on: May 06, 2013 07:14:01 AM
In the Grand Rapids, MI market, new home closings slid year-over-year in February, and the percentage drop was steeper than January 2013. New home closings declined by 20.0% in February 2013 from a year earlier, after closings saw a 13.3% drop in January from the year earlier.
A total of 378 new homes were sold during the 12 months that ended in February, down from 382 for the year that ended in January.
Out of all housing closings, new home closings accounted for 2.1%. They made up 2.4% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes slipped year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 7.2% in February to $194,938 per unit. This rise is smaller than the 10.3% bump in January year-over-year.
Average mortgage size on new homes rose year-over-year along with new home prices. In February 2013, the average mortgage size on newly sold homes saw a 4.6% rise from a year earlier. In January 2013, average mortgage size increased 3.7% from a year earlier. The overall percentage of sale price that was being financed dipped 2.1 percentage points year-over-year to 87.1% in February 2013.