New Home Sales and Prices Both Climb in Holland According to Latest Data
Posted on: Jul 06, 2014 07:15:48 AM
Closings of new homes in the Holland, MI market gained year-over-year in April, but there were signs of market leveling as the percentage lift was less than March 2014. New home closings saw a rise of 13.3% from the year earlier to 17. This came on the heels of a 33.3% climb year-over-year in March.
A total of 244 new homes were sold during the 12 months that ended in April, up from 242 for the year that ended in March.
New home closings accounted for 5.7% of overall housing closings. This is better than the 4.2% of closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
In April, the average value of new homes saw a 10.8% hike year-over-year as it grew to $182,401 per unit. This bump is better than the 4.0% gain in March year-over-year.
Average mortgage size on new homes dropped year-over-year in contrast to new home prices. In April 2014, average mortgage size on new homes sold was $166,021, down 1.6% from a year earlier. Average mortgage size declined 9.1% in March 2014 from a year earlier.