New Home Prices Rise in Holland According to Newest Figures, Sales Decline
Posted on: Aug 08, 2014 11:26:19 AM
New home closings in the Holland, MI market sank year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 22 a year earlier to 9 after the figure moved from 15 in April 2013 to 2 in April 2014.
A total of 116 new homes were sold during the 12 months that ended in May, down from 129 for the year that ended in April.
On a percentage basis, new home closings as a part of total closings decreased to 2.0% from 4.8% a year earlier. For new and existing homes, closings slid in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $260,033, an increase from $181,485 a year earlier. This was on the heels of a 9.6% hike in April year-over-year.
From the year-ago figure of $161,594, the average mortgage size on new homes moved up to $240,771. Average mortgage size on new homes went from $168,662 in April 2013 to $139,948 in April 2014.