Recent Figures Show New Home Sales and Prices Rise in Kalamazoo
Posted on: Apr 06, 2014 07:20:43 AM
New home closings grew year-over-year in January in the Kalamazoo, MI market, rebounding from a year-over-year decline in December 2013. New home closings moved from 5 a year earlier to 7 after the figure moved from 15 in December 2012 to 11 in December 2013.
A total of 146 new homes were sold during the 12 months that ended in January, up from 144 for the year that ended in December.
New home closings were 7 out of the 324 total closings, a move on a percentage basis from 5 of 386 a year earlier. After rising year-over-year in December, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $271,250, up from $118,538 a year earlier. This came after a 1.8% drop in December from a year earlier.
Average mortgage size on new homes rose from $121,619 to $234,328. Average mortgage size on new homes went from $197,641 in December 2012 to $176,036 in December 2013.