Latest Figures Show New Home Sales Climb in Kalamazoo, Prices Decline
Posted on: May 06, 2013 07:18:07 AM
New home closings in the Kalamazoo, MI market rose year-over-year in February, rebounding from a year-over-year decline in January 2013. New home closings moved from four a year earlier to five after the figure moved from 12 in January 2012 to five in January 2013.
A total of 143 new homes were sold during the 12 months that ended in February, up from 142 for the year that ended in January.
New home closings were five of the 188 total closings, up on a percentage basis from four of 292 a year earlier. Closings of new and existing homes sank year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $155,001, compared with $236,435 last year. This followed a 49.7% decline in January from a year earlier.
There was a decline in average mortgage size on new homes, going from $273,745 last year to $169,706 in February 2013. Average mortgage size on new homes went from $273,609 in January 2012 to $121,619 in January 2013.