Holland, MI - Recent New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 07, 2012 09:16:41 AM
In the Holland, MI market, sales of new homes dropped year-over-year in February, sliding after a growth in January 2012. New home sales moved from 16 a year earlier to seven after the figure moved from 12 in January 2011 to 14 in January 2012.
A total of 224 new homes were sold during the 12 months that ended in February, down from 233 for the year that ended in January.
New home sales represented seven out of the 257 total sales, which is a smaller percentage than the 16 of 250 total sales a year earlier. For new and existing homes, sales increased year-over-year in February after also increasing in January year-over-year.
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Pricing and Mortgage Trends
The average price of new homes rose to $157,807 from last year's $151,177. This was on the heels of a 9.0% rise in January year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $149,110 to $128,467. Average mortgage size on new homes went from $138,792 in January 2011 to $174,794 in January 2012.
Holland, MI - Recent New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 07, 2012 09:16:41 AM
In the Holland, MI market, sales of new homes dropped year-over-year in February, sliding after a growth in January 2012. New home sales moved from 16 a year earlier to seven after the figure moved from 12 in January 2011 to 14 in January 2012.
A total of 224 new homes were sold during the 12 months that ended in February, down from 233 for the year that ended in January.
New home sales represented seven out of the 257 total sales, which is a smaller percentage than the 16 of 250 total sales a year earlier. For new and existing homes, sales increased year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $157,807 from last year's $151,177. This was on the heels of a 9.0% rise in January year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $149,110 to $128,467. Average mortgage size on new homes went from $138,792 in January 2011 to $174,794 in January 2012.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up six of seven new home sales after accounting for 13 of 16 a year earlier. Meanwhile, attached units made up one of seven new home sales after making up three of 16 sales a year earlier.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Out of all existing home sales, foreclosures combined with REO sales made up 53.6% of sales. They accounted for 62.8% in February 2011. The percentage of existing home sales involving foreclosures sank to 22.4% in February from 33.8% a year earlier while REO sales as a percentage of existing home sales rose to 31.2% from 29.1%.
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Source: Housing Intelligence